HB24B-1003
Business Personal Property Tax Exemptions
Concerning property tax relief for businesses, and, in connection therewith, expanding and extending the exemption for agricultural equipment and machinery used in controlled agricultural facilities.
Session:
2024 Extraordinary Session
Subjects:
Bill Summary
Business & Economic Development
Fiscal Policy & Taxes
Section 1 of the act clarifies that personal property used in direct connection with the operation of a greenhouse for the sole purpose of growing crops in the greenhouse to obtain a monetary profit from the wholesale of plant-based food for human or livestock consumption is included in the definition of equipment used in a controlled environment agricultural (CEA) facility and is thus exempt pursuant to the exemption for such agricultural equipment, which exemption is permanently extended to all future property tax years in section 2 of the act.
APPROVED by Governor September 6, 2024
EFFECTIVE November 28, 2024
(Note: This summary applies to this bill as enacted.)