In a late night session on Tuesday, April 15, the Senate voted to pass SEA 1 sending it to Governor Braun where he quickly signed the 345 page bill into law on the same day.
Implementation of the bill’s provisions for business personal property tax filings due May 15, 2025 now falls to the Department of Local Government Finance and county assessors. Of course, INCPAS
members have questions about filings already filed, how the de minimis affects filings due 5/15/25 and whether and how exemptions should be filed and the list goes on.
We will continue to work with DLGF to seek clarification. Please see the advocacy alerts below for the most current information available:
4/30/25 ADVOCACY ALERT
While this is not new information, it confirms DLGF's current status relative to guidance.
April 30 email from Commissioner Jason Cockerill:
2025 Legislation UpdateThe Department is actively reviewing the bills passed during the most recent legislative session, which was especially busy and produced many measures impacting local government. We are monitoring the Governor’s action on these bills and preparing guidance to support local implementation once the legislation is signed into law. To ensure we can focus our efforts on reviewing the legislation and developing timely and accurate guidance, we plan to address questions comprehensively once the guidance is released. We will keep you informed and share updates as they become available. We appreciate your understanding and patience as we work through this process.Just fyi — HEA 1427 is at the Governor's office awaiting his signature. See page 14 for the PPT provision regarding de minimis and page 15 for exemptions:
HB1427.06.ENRS.pdf
(d) Notwithstanding section 7 of this chapter, if the acquisition cost of a taxpayer's total business personal property in a county is less than: (1) eighty thousand dollars ($80,000) for assessment dates before 2025; 2026; and (2) one million dollars ($1,000,000) for the 2025 assessment date; and (3) (2) two million dollars ($2,000,000) for the 2026 assessment date, and each assessment date thereafter; the taxpayer's business personal property in the county for that assessment date is exempt from taxation.
(g) This subsection applies to a taxpayer who filed a business personal property tax return on or after April 15, 2025, in which the taxpayer claimed an exemption under this section for the 2025 assessment date of more than eighty thousand dollars ($80,000) under provisions enacted in SEA 1-2025, but before those provisions were repealed in HEA 1427-2025. A taxpayer described in this subsection is not entitled to an exemption under this section that exceeds the amount as amended in HEA 1427-2025, and the taxpayer must file an amended return not later than May 31, 2025.
This is the same information we posted last week.
4/25/25 ADVOCACY ALERT
There were last minute changes in the final hours of the legislative session to SEA 1, HEA 1001 and HEA 1427 that put the business personal property tax de minimis and effective dates in question.
We are working on getting clarification on what was passed. With the May 15 deadline approaching, we suggest members work with their county assessors on any questions about how best to proceed with filings. It is clear that DLGF and the county assessors
will have to reconcile everything after this legislative session, so you may be operating without clear guidance for now.
Please reach out to Sherrill Rude with any questions or concerns.
4/17/25 ADVOCACY ALERT
SEA 1 Local Government Finance was signed into law by Gov. Braun and has a lot of moving parts and provisions. We know many of you have filed (or are in the process
of filing) business personal property tax and have questions about how the bill affects these filings.
We received the following from DLGF regarding guidance and the questions we have asked on behalf of our members: While the bill has been signed, the legislative session remains active. Our agency will not issue formal guidance or interpretation of this
law until the conclusion of the 2025 legislative session. This approach ensures that we account for any legislative amendments or additional related bills that may affect the implementation of this bill. We understand the importance of timely and
accurate information and are committed to providing clear guidance once the session concludes. We will keep you informed and share updates as they become available. Thank you again for your continued partnership and support. Please do not hesitate
to reach out if you have additional questions or need further assistance.
I'm sure you are asking yourself, so "what does this mean for my clients and firm?" At this time, we will continue to work with DLGF on clarification, but we encourage members to consider what options you might develop that would help you keep your clients
in compliance and best protected. Whatever you decide to do, please confirm with the assessors you work with that your approach is acceptable and document your plans.
This is a great time to utilize your access to all members by posting questions and considerations on Open Forum. Tax Resource Advisory Council members
have been discussing consideration that will be posted on Open Forum.
Please reach out to Sherrill Rude with any questions or concerns.
4/16/25 ADVOCACY ALERT
SEA 1 Local Government Finance was signed into law by Gov. Braun yesterday, and the 345-page bill has a lot of moving parts and provisions. We know many of you have filed (or are in the process of filing) business personal property tax and have questions
about how the bill affects these filings.
We are in communication with the Department of Local Government Finance to get answers to your questions. Members of our Tax Resource Advisory Committee are working on your behalf to address issues we know are of concern. Note: DLGF is working on providing
guidance to assessors, so your assessors may not have detailed answers quite yet.
We will be creating a resource hub on the advocacy section of our website, similar to those we have for PTET and BOI. I also encourage you to use your member Open Forum for exchanging questions.
Please reach out to INCPAS VP – Advocacy Sherrill Rude if you have additional needs or questions.
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