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Summary: HB 3121 would allow the governing body of a taxing unit to give property tax relief to manufacturers who must hold property used to support the design, assembly, completion, and shipment of aircraft for a limited time. Current law allows such property used in aircraft manufacturing to be in the state for only 175 days before it becomes taxable. HB 3121 would allow such goods to remain in the state for 730 days before they can be taxed.
Analysis: This is enabling legislation for HJR 133, which we support. HB 3121 limits government by extending a tax exemption for property used in aircraft manufacturing that limits the amount of revenue government can draw from aircraft manufacturers, and it promotes the property rights of people who own such property by allowing them to keep more of their resources. Support HB 3121.