HB 2796 Summary

• Establishes a new Class Six property classification for real and personal property used specifically to manufacture zero-sulfur gasoline from natural gas between December 31, 2020 through December 31, 2051, valued at full cash value.

• Defines "zero-sulfur gasoline" as gasoline and natural gas liquids made from natural gas containing less than one part per million of sulfur annually at the facility gate, excluding sulfur in compliant additives.

• Limits the classification to property used specifically for manufacturing, processing, and storing zero-sulfur gasoline and liquid petroleum gases from off-site natural gas feedstock; any other commercial or industrial use disqualifies the entire property.

• Applies depreciation schedules to personal property in the new Class Six category (paragraph 9) consistent with other recently classified personal property, using 25% of scheduled depreciated value in year one, increasing to full value by year six.

• Makes the act retroactively applicable to tax years beginning from and after December 31, 2020.