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ID H0234
Bill
Status
3/6/2015
Primary Sponsor
Revenue and Taxation Committee
Click for details
AI Summary
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Reduces minimum capital investment requirement from $3 million to $2 million for counties with population of 30,000 or greater, and maintains $500,000 requirement for counties below 30,000 population.
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Expands definition of "new plant and building facilities" to include commercial or industrial facilities providing technical or professional services, in addition to manufacturing facilities.
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Requires county commissioners to provide written and telephonic notice to affected taxing districts or urban renewal agencies within three business days of receiving an exemption request, with notice given at least five business days before the exemption decision.
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Permits county commissioners to grant property tax exemption for up to five years as a contract arrangement between county and taxpayer, exempting the agreement from annual approval requirements.
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Maintains existing requirement that taxpayers demonstrate significant economic benefits will accrue to the county to qualify for the exemption.
Legislative Description
Amends existing law to revise the property tax exemption for certain business property, to revise definitions, to revise capital investment requirements in counties within a certain population criteria and to revise the exemption period.
PROPERTY EXEMPT FROM TAXATION
Last Action
Reported Printed and Referred to Revenue & Taxation
3/9/2015