Senator Wolken, Again, please forgive the use of email rather than the message form. I wanted to get this to you sooner rather than later. I'm copying and pasting comments from our Chief Financial Officer, Andrew Czorny, below. I'm also providing his contact information. He can be tough to get a hold of. You're more than welcome to text or call me (531-1921) if you'd like follow up on the information we're providing and I'm happy to facilitate. As always, thank you for your work! We really appreciate your efforts. Best, Anne
Sending the following as an email to MC Senators today at noon:
Senator , Missoula County strongly opposes Senate Bill 394 - Revise intangible personal property exemption and unit valuation methodology, on the Senate floor this afternoon. Intangible personal property, as it applies to centrally assessed tax payers, is a significant asset of any company or corporation. It has real value and provides the basis for the generation of revenue for the business. The IRS defines intangible property as:
1. Goodwill 2. Going concern value 3. Workforce in place 4. Business books and records, operating systems, or any other information base, including lists or other information concerning current or prospective customers. 5. A patent, copyright, formula, process, design, pattern, know-how, format or similar item. 6. A customer-based intangible. 7. A supplier-based intangible. 8. Any item similar to items (3) through (7). 9. A license, permit, or other right granted by a governmental unit or agency (including issuances and renewals). 10. A covenant not to compete entered into in connection with the acquisition of an interest in a trade or business. 11. Any franchise, trademark, or trade name. 12. A contract for the use of, or a term interest in, any item on this list.
Any of the above IRS defined intangible properties have true value and are responsible for the generation of revenue for a business. Some of them have more value than others, specifically patents, trademarks, non-compete clauses, copyrights, formulas, processes or contract for use of any of these items. Without these intangible properties in almost all cases the businesses would cease to exist. These are the assets that actually bring value to the business. The elimination of these intangible assets from the centrally assessed properties would have a dramatic effect on the tax revenue being generated by the businesses and as a result there would be yet another reduction in taxes from centrally assessed properties coming to local governments. The tax burden would be shifted to the homeowners to make up the difference once again. Please oppose SB 394. Respectfully, Vickie Zeier on behalf of the Missoula County Commissioners
Sent the following to Representatives Wilson and Schwaderer, Representative Wilson, Missoula County strongly opposes Senate Bill 394 - Revise intangible personal property exemption and unit valuation methodology - before House Taxation tomorrow morning. Intangible personal property, as it applies to centrally assessed tax payers, is a significant asset of any company or corporation. It has real value and provides the basis for the generation of revenue for the business. The IRS defines intangible property as:
1. Goodwill 2. Going concern value 3. Workforce in place 4. Business books and records, operating systems, or any other information base, including lists or other information concerning current or prospective customers. 5. A patent, copyright, formula, process, design, pattern, know-how, format or similar item. 6. A customer-based intangible. 7. A supplier-based intangible. 8. Any item similar to items (3) through (7). 9. A license, permit, or other right granted by a governmental unit or agency (including issuances and renewals). 10. A covenant not to compete entered into in connection with the acquisition of an interest in a trade or business. 11. Any franchise, trademark, or trade name. 12. A contract for the use of, or a term interest in, any item on this list.
Any of the above IRS defined intangible properties have true value and are responsible for the generation of revenue for a business. Some of them have more value than others, specifically patents, trademarks, non-compete clauses, copyrights, formulas, processes or contract for use of any of these items. Without these intangible properties in almost all cases the businesses would cease to exist. These are the assets that actually bring value to the business. The elimination of these intangible assets from the centrally assessed properties would have a dramatic effect on the tax revenue being generated by the businesses and as a result there would be yet another reduction in taxes from centrally assessed properties coming to local governments. The tax burden would be shifted to the homeowners to make up the difference once again. Please oppose SB 394. Respectfully, Vickie Zeier on behalf of the Missoula County Commissioners
Anne Hughes' email to Senator Wolken:
ReplyDeleteSenator Wolken,
Again, please forgive the use of email rather than the message form. I wanted to get this to you sooner rather than later. I'm copying and pasting comments from our Chief Financial Officer, Andrew Czorny, below. I'm also providing his contact information. He can be tough to get a hold of. You're more than welcome to text or call me (531-1921) if you'd like follow up on the information we're providing and I'm happy to facilitate.
As always, thank you for your work! We really appreciate your efforts.
Best,
Anne
Sending the following as an email to MC Senators today at noon:
ReplyDeleteSenator ,
Missoula County strongly opposes Senate Bill 394 - Revise intangible personal property exemption and unit valuation methodology, on the Senate floor this afternoon. Intangible personal property, as it applies to centrally assessed tax payers, is a significant asset of any company or corporation. It has real value and provides the basis for the generation of revenue for the business. The IRS defines intangible property as:
1. Goodwill
2. Going concern value
3. Workforce in place
4. Business books and records, operating systems, or any other information base, including lists or other information concerning current or prospective customers.
5. A patent, copyright, formula, process, design, pattern, know-how, format or similar item.
6. A customer-based intangible.
7. A supplier-based intangible.
8. Any item similar to items (3) through (7).
9. A license, permit, or other right granted by a governmental unit or agency (including issuances and renewals).
10. A covenant not to compete entered into in connection with the acquisition of an interest in a trade or business.
11. Any franchise, trademark, or trade name.
12. A contract for the use of, or a term interest in, any item on this list.
Any of the above IRS defined intangible properties have true value and are responsible for the generation of revenue for a business. Some of them have more value than others, specifically patents, trademarks, non-compete clauses, copyrights, formulas, processes or contract for use of any of these items. Without these intangible properties in almost all cases the businesses would cease to exist. These are the assets that actually bring value to the business. The elimination of these intangible assets from the centrally assessed properties would have a dramatic effect on the tax revenue being generated by the businesses and as a result there would be yet another reduction in taxes from centrally assessed properties coming to local governments. The tax burden would be shifted to the homeowners to make up the difference once again. Please oppose SB 394.
Respectfully,
Vickie Zeier on behalf of the Missoula County Commissioners
Sent the following to Representatives Wilson and Schwaderer,
ReplyDeleteRepresentative Wilson,
Missoula County strongly opposes Senate Bill 394 - Revise intangible personal property exemption and unit valuation methodology - before House Taxation tomorrow morning. Intangible personal property, as it applies to centrally assessed tax payers, is a significant asset of any company or corporation. It has real value and provides the basis for the generation of revenue for the business. The IRS defines intangible property as:
1. Goodwill
2. Going concern value
3. Workforce in place
4. Business books and records, operating systems, or any other information base, including lists or other information concerning current or prospective customers.
5. A patent, copyright, formula, process, design, pattern, know-how, format or similar item.
6. A customer-based intangible.
7. A supplier-based intangible.
8. Any item similar to items (3) through (7).
9. A license, permit, or other right granted by a governmental unit or agency (including issuances and renewals).
10. A covenant not to compete entered into in connection with the acquisition of an interest in a trade or business.
11. Any franchise, trademark, or trade name.
12. A contract for the use of, or a term interest in, any item on this list.
Any of the above IRS defined intangible properties have true value and are responsible for the generation of revenue for a business. Some of them have more value than others, specifically patents, trademarks, non-compete clauses, copyrights, formulas, processes or contract for use of any of these items. Without these intangible properties in almost all cases the businesses would cease to exist. These are the assets that actually bring value to the business. The elimination of these intangible assets from the centrally assessed properties would have a dramatic effect on the tax revenue being generated by the businesses and as a result there would be yet another reduction in taxes from centrally assessed properties coming to local governments. The tax burden would be shifted to the homeowners to make up the difference once again. Please oppose SB 394.
Respectfully,
Vickie Zeier on behalf of the Missoula County Commissioners