Personal property tax exemption adopted

Lawmakers passed a bill May 21 that provides a tax exemption on the first $10,000 of personal property.

LB259, introduced by Grand Island Sen. Mike Gloor, exempts the first $10,000 of personal property for each personal property tax return filed with a county assessor.

The bill creates a compensating exemption factor for companies that are centrally assessed by the state to be used in determining the tax exemption for those companies.

The bill passed on a 47-0 vote.