SB 400 Summary

• Amends the Disaster Recovery Tax Incentive Protection Act of 2011 to extend tax abatement protections to properties damaged or destroyed by natural disasters, not limited to the April 2011 tornados.

• Allows tax abatements granted on damaged properties to continue applying to replacement properties obtained at the same or different location, with no new governing body approval required if replacement property cost does not exceed original cost by more than 25 percent.

• Requires private users to notify abatement-granting authorities, county assessing officials, and the Department of Revenue of location changes by the first October 1 following the change.

• Prevents disqualification of existing tax abatements due to interruption of business activity at the damaged site lasting through October 1, 2011, or caused by the natural disaster.

• Takes retroactive effect on April 15, 2011, and applies to transactions entered into or disaster replacement property acquired after the April 2011 tornado outbreaks.