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ID H0286
Bill
Status
3/25/2015
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
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Reduces minimum capital investment requirement from $3 million to $500,000 at a project site during the project period for property tax exemption eligibility, or higher amount established annually by county board resolution.
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Expands definition of "new plant and building facilities" to include nonretail commercial or industrial facilities producing tangible personal property, intellectual property for retail sale, or technical and professional services.
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Allows county boards to grant property tax exemption for up to five years on all or a portion of taxable market value of defined projects, with exemption treated as a binding contract not subject to annual approval provisions.
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Requires county commissioners to provide electronic notice of agenda to all affected taxing districts prior to granting property tax exemption under this section.
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Exempted property shall not be included on the county assessor's new construction roll until the exemption period ceases.
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 criteria.
PROPERTY EXEMPT FROM TAXATION
Last Action
Introduced, read first time; referred to: Local Government & Taxation
3/26/2015