HB692 Summary

• Establishes the "Asbestos Tax Abatement Act" to provide tax incentives for asbestos removal from qualified structures.

• Allows abatement of noneducational ad valorem taxes, construction-related transaction taxes (excluding educational purposes), and mortgage and recording taxes for asbestos removal projects.

• Limits noneducational ad valorem tax abatement to a maximum of 20 years, and construction-related transaction tax abatement to the date the qualified structure is placed in service for federal income tax purposes.

• Defines a "qualified structure" as a building at least 25 years old used for residential, industrial, commercial, recreational, or environmental conservation purposes by the taxpayer.

• Becomes effective October 1, 2014, with the Department of Revenue responsible for adopting rules and procedures to implement the act.