Act 2014-415 passed in April 2014, allows taxpayers the option to submit the new Short Form in lieu of the regular ADV-40 Business Personal Property Return when certain criteria are met.
- An itemized ADV-40, filed in the immediate preceding year, showing the total original acquisition cost of all taxable assets were equal to or less than $10,000.
- Total original acquisition cost of all taxable assets for the current filing year equals $10,000 or less. Tax liability when filing the Short Form is $10,000 market value.
Filing of the Short Form is optional. Any taxpayer with assets that total less than the $10,000 may still file an itemized return and have the tax liability based on the actual value.
- You are not eligible for a refund of taxes overpaid as a result of the tax liability being based on the $10,000 market value.