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HB 737 - This act allows any political subdivision that approved a tax increase after August 27, 2008, to levy a rate to collect substantially the same amount of tax revenue as would have been collected by applying the voter-approved increased tax rate ceiling to the total assessed valuation of the political subdivision on or before the election date, increased by the percentage increase in the federal Consumer Price Index. The act also classifies hydroelectric power generating equipment as tangible personal property for purposes of property taxation. Hydroelectric power generating equipment will be assessed at one percent of its true value in money. The act contains provisions similar to those contained in Senate Bill 357 (2011). JASON ZAMKUS
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