“To be competitive with our surrounding states, to promote economic development, and most importantly, to encourage small business creation and growth, we believe the elimination of the personal property tax is a key reform that will have a positive impact on the bottom line of small businesses throughout our state,” Smith said. “The personal property tax created in colonial times is really a small business tax. And it’s involved into a, really, a grab bag of exemptions and definitions that violate the basic principles of tax fairness; simple, cost-effective administration and low, efficient enforcement costs. Importantly, the elimination of the personal property tax would impact all Main Street businesses, regardless of economic status, number of employees, amount of revenue or type of business.”