Sec. 12-94c. Depreciation schedule for revenue loss for certain machinery and equipment to be reimbursed by the state.
Sec. 12-94c. Depreciation schedule for revenue loss for certain machinery and equipment to be reimbursed by the state. With respect to machinery or equipment exempt from property tax in accordance with subdivision (72) of section 12-81, for purposes of the annual valuation required with respect to the determination of tax revenue loss required under section 12-94b, the present true and actual value of such machinery or equipment shall be determined in relation to the cost of acquisition, including costs related to transportation and installation, and shall reflect depreciation in accordance with the following schedule:
Assessment Year
Following Acquisition Depreciated Value As Percentage
Of Acquisition Cost Basis FirstNinety per cent SecondEighty per cent ThirdSeventy per cent FourthSixty per cent FifthFifty per cent
(P.A. 90-270, S. 30, 38; P.A. 92-193, S. 2, 8; P.A. 93-434, S. 8, 20; P.A. 96-171, S. 10, 16.)
History: P.A. 90-270, S. 30 effective January 1, 1991, and applicable to assessment years commencing on or after
October 1, 1991; P.A. 92-193 applied section to "newly-acquired" machinery and equipment and modified depreciation
schedule by substituting 90% for 95%, 80% for 90%, 70% for 80%, and 60% for 70%, effective July 1, 1992, and applicable
to assessment years of municipalities commencing on and after October 1, 1992; P.A. 93-434 expanded application of
section from newly-acquired machinery to all machinery, effective June 30, 1993; P.A. 96-171 amended the depreciation
schedule by adding a fifth assessment year following acquisition wherein the depreciated value would be 50% of acquisition
cost basis, effective May 31, 1996.