March 1 Deadline Reminders
Individuals and businesses owning business equipment (as of January 1, 2025) with an aggregate market value of more than $1 million statewide must report the equipment owned by March 1, 2025, to avoid a 20 percent penalty. Business owners can report online with the department’s TransAction Portal (TAP).
Those businesses whose statewide aggregate market value is $1,000,000 or less are exempt from the business equipment tax. These businesses will not have a reporting requirement in 2025 unless:
- They have acquired new personal property that would increase their equipment’s aggregate market value above the exemption amount; or
- The department requests a personal property reporting form be completed.
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