Machinery and Tools (M & T) are limited to property used directly in manufacturing, mining, water well drilling, processing or reprocessing, radio or television broadcasting, dairy, dry cleaning and laundry businesses. The property is assessed at various percentages of the total capitalized cost, excluding capitalized interest, depending on the year of acquisition.
A Business Classification Information (BCI) sheet must be completed to determine eligibility for the M & T tax rate.
A detailed itemized list must be included with the return. Report all assets that have been sold, deleted, disposed of or idle.