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Legislative Year: 2024 Change
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Bill Detail: SB24-002

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Title Local Government Property Tax Credits Rebates
Status Governor Signed (03/15/2024)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors J. McCluskie (D)
L. Frizell (R)
Senate Sponsors D. Roberts (D)
House Committee Transportation, Housing and Local Government
Senate Committee Local Government and Housing
Date Introduced 01/10/2024
Summary

Under current law, counties and municipalities are authorized to
issue tax incentives, including property and sales tax credits or rebates, to
promote certain uses of real property, such as the installation of
renewable energy fixtures. Section 2 of the bill authorizes boards of
county commissioners to establish a similar incentive program to offer
limited county property tax credits or rebates to participants in a program
designed to directly improve an area of specific local concern related to
the use of real property in the county.
Section 3 sets forth applicable definitions and requirements to
establish an incentive program to address an area of specific local
concern, which is defined as a use of real property in the county that is
determined by the board of county commissioners to be diminishing or
unavailable based on verifiable data and which use the board of county
commissioners finds and declares necessary for the preservation of the
health, safety, or welfare of the residents of the county.
An incentive program must be established by resolution or
ordinance adopted by a board of county commissioners at a public
meeting and must include the board's findings and determinations
regarding the specific area of local concern and specific criteria for the
qualification of program participants. Incentive programs must be
evaluated on an annual basis and may be renewed only if determined to
be effective. An incentive program must be uniformly applied among all
owners of the same class of real or commercial property.
Sections 4 and 5 authorize municipalities to establish an identical
incentive program offering limited municipal property tax credits or
rebates to participants in a program designed to directly improve an area
of specific local concern related to the use of real property in the
municipality.

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