The bill amends the Homestead Exemption Act to allow homesteads owned by limited liability companies (LLCs) to qualify for the homestead exemption under specific conditions. The new legal language specifies that a member of an LLC can claim the homestead exemption if there are two members who are a married couple, or if there is a single member who is a natural person that is either married or the head of a family.

This amendment aims to expand eligibility for the homestead exemption, thereby providing potential tax relief to certain LLC owners who meet the outlined criteria. The inclusion of these provisions reflects a recognition of the changing nature of property ownership and the need for tax benefits to accommodate various ownership structures.

Statutes affected:
HB 1729: 16-66-210