HB 5564 Summary

• Allows taxpayers who sell a mobile home park licensed under the Mobile Home Commission Act to a local government, housing authority, housing commission, or nonprofit housing corporation to deduct 100% of recognized gains on sales of parks with 50 or fewer lots, effective January 1, 2020.

• Allows a 50% deduction of recognized gains on sales of mobile home parks with more than 50 lots under the same conditions and effective date.

• Applies the mobile home park sale gain deduction to both individual income tax (Section 30) and corporate income tax (Section 623).

• Adds clarifying language to existing tribal member income deduction provisions and ABLE savings account provisions in the income tax law.

• Makes technical corrections to references to federal tax code sections regarding retirement pension benefits and oil and gas income exclusions.