Introduced
by
To revise the duration and the terms of a certain type of “neighborhood enterprise zone” property tax break in which a developer must transfer a rehabbed residential property to an owner who will occupy it as a homestead within six years. The bill would extend this to 12 years, and extend the minimum duration of the tax break (which is a 50 percent discount on property taxes) from 11 to 17 years.
Referred to the Committee on Intergovernmental, Urban, and Regional Affairs
Reported without amendment
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Substitute offered
To not extend the duration of the tax break, but only the deadline on selling the property to a residential owner who will occupy it.
The substitute passed by voice vote
Passed in the House 95 to 12 (details)
To revise the terms of a certain type of “neighborhood enterprise zone” property tax break, which requires a developer to transfer a rehabbed residential property to an owner who will occupy it as a homestead within six years. The bill would extend this to 12 years. The tax break itself is a 50 percent discount on property taxes.
Referred to the Committee on Local, Urban, and State Affairs
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 37 to 0 (details)
To revise the terms of a certain type of “neighborhood enterprise zone” property tax break, which requires a developer to transfer a rehabbed residential property to an owner who will occupy it as a homestead within six years. The bill would extend this to 12 years. The tax break itself is a 50 percent discount on property taxes.
