The classical school emphasizes production of goods and services as the key focus of economic analysis. Neoclassical economics focuses on how individuals operate within an economy. As such, the neoclassical school emphasizes the exchange of goods and services as the key focus of economic analysis.. (Source : Difference Between Classical & Neoclassical Economics | eHow) Here's information about the dates of emergence of neoclassical economics:
A random sampling of other states indicates the issue is mixed. For example, Illinois taxes the equipment if it is used in a manufacturing process. In Maine, there is no exemption. In Connecticut, all fire safety equipment is exempt.
Per Section 12-41 of the Connecticut General Statutes owners of tangible Personal Property, other than registered motor vehicles, such as commercial furniture, machinery and equipment, leased equipment, unregistered motor vehicles, camp trailers, etc. are required to file a personal property list with the Assessor.