Senate Bill 938

Authorizes <b>city or</b> county to adopt exemption for newly constructed or installed industrial improvements. Requires <b>city or</b> county to specify <i>minimum</i>] <b>range between $2 million and $25 million for</b> real market value of eligible improvements, period <i>of</i>] <b>between three and five</b> years during which exemption is allowed and declining percentage of exemption to be allowed during specified period. <b>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.</b> Requires <i>county to grant exemption on same terms</i>]<b> exemption to be granted</b> to all eligible industrial improvements <b>on same terms in effect on date application is submitted</b>. Allows <b>city or</b> 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. <b>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. <b>Sunsets exemption on January 2, 2026. Provides that improvements granted exemption before sunset date continue to receive exemption in effect at time granted. <b>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. <b>Sunsets task force on December 31, 2016. <b>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. <b>Sunsets exemption on July 1, 2019.</b> Takes effect on 91st day following adjournment sine die.

In the Senate

• Senate, third reading29–0

  Passed · Jun 22 · 1 present

• Senate committee amendmentAdopted

  Adopted Jun 17

l9n doesn't hold this bill's text yet.

In the Senate Mar 24 – Jun 22

1. Mar 24Introduced
2. Mar 26Sent to Finance and Revenue
3. Apr 7Heard in Finance and Revenue
4. Jun 15Heard in Finance and Revenue
5. Jun 17Finance and Revenue recommended it as amended
6. Jun 18Read a second time
7. Jun 22Passed the Senate, 29 to 0

In the House of Representatives Jun 23 – Jul 6

1. Jun 23Arrived in the House of Representatives
2. Sent to Revenue
3. Jul 6Died when the session ended