SB 177

Current law uses industry classifications set forth in the

Standard Industrial Classification

manual, published by the federal government, for a number of purposes, including to assess manufacturing property for property tax purposes. Taxpayers who own property assessed as manufacturing are also eligible to claim certain income tax credits and sales and use tax exemptions.

This bill adds SIC industry codes for linen supply and industrial launderers for the purpose of assessing the property of such industries as manufacturing property. The bill also modifies the definition of “qualified production property” for purposes of claiming the manufacturing and agriculture tax credit to include items that are laundered or dry cleaned and sold, leased, or rented to or exchanged with industrial, commercial, or government users.