Proposal 1: What is it?
The August Primary may not be a major election, but it will have one very important issue for businesses on the ballot.
Proposal 1 would get rid of of the personal property tax for businesses, which taxes them on equipment and other property. Many businesses consider the tax unfair.
The proposal would replace that tax with two new sources of income.
Businesses would still pay an essential services assessment, about 80% less than what they are paying now. Money from businesses with expiring tax credits would also be used to reimburse local units of government for things like police and fire services.
This proposal would not raise taxes, but would help to get rid of big fluctuations in money being paid to local governments.