SB 550 - Hegeman, Dan
Modifies provisions relating to the assessment of certain tax-exempt properties
Bill Details
Sponsor
LR Number
3542S.01I
Title
SB 550
House Handler
N/A
Journal Page
N/A
Effective Date
August 28, 2020
Committee
Current Status
Hearing Scheduled But Not Heard S Economic Development Committee
Quick Links
Amendments
No amendments available
CURRENT BILL SUMMARY
SB 550 - Current law provides that property that was partially or completely exempt from ad valorem property taxes under the tax increment financing, enterprise zone, and urban redevelopment corporations programs shall be included in the value of new construction and improvements for the purposes of assessed valuations once such property becomes partially or completely subject to taxation. This act expands such provision to cover all such properties under any ad valorem property tax abatement program.
This act is identical to SCS/SB 97 (2019) and is substantially similar to HB 1004 (2019).
JOSH NORBERG