HB 451, Freeport Exemption; Covid Relief

Municipal Impact
Position
Neutral
GMA Contact
Bill Sponsor

Rep. Eddie Lumsden
District 12

Current law allows local governments to approve "Freeport Exemptions" which exempt goods from ad valorem tax for the year that they are manufactured. Given decreases in demand due to the Covid-19 pandemic, inventory has remained past the one-year limitation for the exemption. 

This bill would provide relief to manufacturers with surplus inventory by allowing them to value their inventory for the 2021 exemption at either the 2020 or the 2021 value. 

Last Updated: 4/12/2021
Subject Area: Taxation - State Only
Resources: bill text
BILL STATUS
5/4/2021 - Effective Date 5/4/2021 - Act 162 5/4/2021 - Date Signed by Governor

Votes

3/31/2021 House Vote #390 Yea - 167 Nay - 0 Not Voting - 8 Excused - 5
3/23/2021 Senate Vote #252 Yea - 53 Nay - 0 Not Voting - 0 Excused - 3
3/23/2021 Senate Vote #249 Yea - 34 Nay - 19 Not Voting - 1 Excused - 2
3/5/2021 House Vote #169 Yea - 159 Nay - 0 Not Voting - 8 Excused - 13

Comment on this Bill

HB 451 In The News