FAQs - Details

My new business qualifies for the under $80,000 exemption, what forms need to be filed?

New businesses that qualify for the under $80,000 exemption MUST file an initial return stating the acquisition cost of the assets and claiming the exemption. The taxpayer will not need to file the following year. Example: New business files their initial return for 1/1/2023 and claims the under $80,000 exemption, the taxpayer will not be required to file for the 1/1/2024 assessment year or future years, until the business no longer qualifies for the under $80,000 exemption.