Senate Bill 1412 Summary

• Establishes the "Senior Enterprise Zone Act" to promote residential housing development and rehabilitation in designated senior enterprise zones through tax incentives and certificates.

• Local governmental units may designate senior enterprise zones containing at least 10 platted parcels (or fewer if in downtown revitalization districts) and limited to 15% of total local acreage, with separate 10% limit for homestead facility zones.

• Property owners of homestead facilities, new residential facilities, and rehabilitated facilities in designated zones may apply for senior enterprise zone certificates exempting the facility (but not land) from ad valorem property taxes while imposing a specific senior enterprise zone tax.

• Certificates remain valid for 6-15 years (11-17 years for historic buildings) unless revoked for non-compliance, non-payment of taxes, loss of homestead status, or change in primary residential use.

• Senior enterprise zone tax revenues are distributed to state, local taxing units, school districts, and authorities in same proportions as general property taxes, with school operating tax portions credited to state school aid fund.