HB 704 Summary

• Modifies Community Redevelopment Area (CRA) law governing property tax exemptions for residential, commercial, and industrial structures and remodeling in designated reinvestment areas.

• Changes school board approval process for commercial/industrial exemptions by increasing the threshold from 50% to 75% of foregone taxes that must be replaced through other means to waive board approval.

• Reduces the prohibition period for businesses discontinuing operations from 5 years to 2 years before becoming eligible for new exemptions under sections 3735.671 and related statutes.

• Repeals section 3735.673 and amends reporting requirements in section 3735.672 to track exempted property parcels rather than agreements, and requires reporting of zoning restriction changes in reinvestment areas.

• Modifies notice requirements to school boards and updates tax incentive review council procedures to align with streamlined exemption processes.