54:4-2.39. Return of tangible personal property used in business

On or before August 1, 1963, each person owning tangible personal property used in business within the taxing district during any part of the 12-month period ending December 31, 1962 shall prepare and file with the Director of the Division of Taxation an appropriate return of such personal property in such form and containing such information relating thereto as the director prescribed for the year 1963 pursuant to the provisions of the act hereby supplemented, in Returns of Tangible Personal Property used in Business, forms PT-1, PT-1A and PT-1F and implementing instructions and regulations. Said forms, instructions and regulations shall be revised as necessary to carry out the purposes of this act. The returns shall list such property, valued in accordance with the provisions of the act hereby supplemented, as of the last accounting year for Federal income tax purposes completed prior to April 2, 1963, and a separate return shall be filed for personal property situated in each taxing district. All such returns shall set forth the penalties provided in section 4 of this act and shall be signed by the owner or his authorized agent.

Taxpayers whose personal property at net book value, aggregates not over $25,000.00, shall be permitted to file a simplified return requiring only the following information, in the following form:

(1) The name, business address and type of business of the taxpayer;

(2) The net book value of business machinery and equipment not including supplies and small tools;

(3) The net book value of inventory, not including raw materials;

(4) The net book value of all other tangible personal property, if any, used in business, not including those items exempted in (2) and (3) hereof; and

(5) The total net book value of all such personal property.

Net book value shall be that value computed by the taxpayer for Federal income tax purposes.

L.1963, c. 9, s. 3.