HB1558 Summary

• Amends the Property Tax Code to allow partial tax reduction for commercial or industrial property rebuilt after tornado disasters even if the rebuilt structure exceeds 110% of the original square footage.

• Previously, properties were ineligible for any tax reduction if rebuilt structures exceeded 110% of original size; this bill allows a proportional reduction calculated using a multiplier (110% original square footage divided by total rebuilt square footage).

• Applies to small businesses (fewer than 50 full-time employees) that rebuild property within 2 years following a tornado disaster proclaimed by the Governor or President.

• Tax reduction continues for up to 15 taxable years after the tornado disaster or until property ownership or use changes, whichever occurs first.

• Takes effect immediately upon becoming law.