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2015 Regular Session
At the request of:
Chief Sponsors:
Regular Sponsors:
Bill Title: Relating to exemption from property taxation; prescribing an effective date.
Catchline/Summary: Authorizes city or county to adopt exemption for newly constructed or installed industrial improvements.
Authorizes city or county to adopt exemption for newly constructed or installed industrial improvements. Requires city or county to specify minimum] range between $2 million and $25 million for real market value of eligible improvements, period of] between three and five years during which exemption is allowed and declining percentage of exemption to be allowed during specified period. Provides that exemption applies to tax levy of city or county adopting exemption or to tax levy of all taxing districts in which improvements are located if rates of taxation of taxing districts that agree to grant exemption equal 51 percent or more of total combined rate of taxation on property granted exemption. Requires county to grant exemption on same terms] exemption to be granted to all eligible industrial improvements on same terms in effect on date application is submitted. Allows city or county to amend or terminate exemption but provides that industrial improvements granted exemption continue to receive exemption pursuant to terms in effect at time exemption was first granted. Prohibits stacking of exemptions or special assessments other than exemption for commercial facilities under construction. Provides property granted exemption may be owned or leased by applicant and must be used for purpose and at location identified in application through final year of exemption. Provides limited retroactive application, without tax exemption for those years, for improvements for which first assessment date after improvements were first placed in service was January 1, 2014, or January 1, 2015. Sunsets exemption on January 2, 2026. Provides that improvements granted exemption before sunset date continue to receive exemption in effect at time granted. Establishes legislative Task Force on the Taxation of the Property of Nonprofit Corporations. Authorizes task force to presession file legislation. Requires task force to submit report on or before December 1, 2015, to interim committees of Legislative Assembly related to revenue and as soon as practicable after February 1, 2016, to Senate Committee on Finance and Revenue and House Committee on Revenue. Sunsets task force on December 31, 2016. Exempts from property taxes real and personal property owned or leased by history museum or science museum if property is used to fulfill mission of museum and is used or occupied for certain purposes. Provides exemption does not apply to property used or occupied as hotel, water park or chapel or for any commercial enterprise. Sunsets exemption on July 1, 2019. Takes effect on 91st day following adjournment sine die.
Chapter Number:
Fiscal Impact: Fiscal Impact Issued
Revenue Impact: Revenue Impact Issued
Measure Analysis: Staff Measure Summary / Impact Statements
Current Location: In House Committee
Current Committee: House Committee On Revenue
Current Subcommittee:
Subsequent Referral(s):
Potential Conflicts of Interest/Vote Explanations: Potential Conflicts of Interest/Vote Explanation Documents
Measure History
Scheduled Events