If I have a small business with less than $25,000 in business assets (other than real estate), would I need to file a Tangible Personal Property return if the new law is passed?
Yes. All businesses with assets under $25,000 must still file an initial tangible personal property return. You will not be required to file annually after the initial filing, unless or until your business assets surpass the $25,000 threshold. Please note: Pursuant to state guidelines, new filers who do not meet the April 1 deadline will not receive the exemption.
