SB 496, Ad Valorem Exemption Extension for Certain Historic Properties

Municipal Impact
Position
Support
GMA Contact
Bill Sponsor

Sen. Max Burns
District 23

Senate Bill 496 provides an ad valorem property tax exemption extension for an additional 12 years for income-producing real property that is certified as rehabilitated historic property for purposes of preferential assessment or as landmark historic property. The bill requires the governing authority of the county to approve the exemption extension.

SUBSTITUTE

SB 496 is now a substitute bill and now contains portions of HB 1116, HB 1134, and HB 1197. The revised bill would extend the sunset date for tax credits for the rehabilitation of historic buildings or structures through 2029 and extend the sunset date for the Rural Zone tax credit through 2032. Please see the legislative tracker for descriptions of HB 1116, HB 1134, and HB 1197.

Last Updated: 5/21/2024
Subject Area: Taxation
Resources: bill text
BILL STATUS
7/1/2024 - Effective Date 4/18/2024 - Act 375 4/18/2024 - Date Signed by Governor

Votes

3/21/2024 Senate Vote #756 Yea - 46 Nay - 2 Not Voting - 2 Excused - 6
3/21/2024 House Vote #761 Yea - 145 Nay - 3 Not Voting - 6 Excused - 26
2/29/2024 Senate Vote #605 Yea - 47 Nay - 6 Not Voting - 1 Excused - 2

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