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ID H0490
Bill
AI Summary
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Exempts property tax on business investments in new plant and building facilities from annual approval requirements if a valid contract exists between the county and taxpayer.
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Requires capital investments of at least $3,000,000 in new plant at a project site during the project period to qualify for the exemption.
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Limits property tax exemptions to a maximum period of five (5) years under a contract arrangement between county commissioners and the taxpayer.
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Defines qualifying projects as manufacturing facilities producing tangible or intellectual property for retail sale, including related parking, food service, and office facilities.
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Makes the bill effective retroactively to January 1, 2010, and declares an emergency for immediate implementation.
Legislative Description
Amends existing law to provide a Board of County Commissioners may declare that all or a portion of the market value of a defined project based on investment in new plant and building facilities meeting certain tax incentive criteria shall be exempt from property taxation.
PROPERTY TAXATION
Last Action
Governor signed Session Law Chapter 133 Effective: 01/01/10
3/29/2010