This bill amends Section 63-602GG of the Idaho Code to revise the provisions regarding property tax exemptions for low-income housing owned by nonprofit organizations. The amendments clarify the qualifications for nonprofit organizations seeking tax exemptions, including the requirement that the organization must be organized as a nonprofit corporation and have received a tax exemption from the IRS under section 501(c)(3). Additionally, the bill specifies that the low-income housing property must be owned and operated by a qualified nonprofit organization or a related entity, and it introduces new criteria for tenant eviction protections in cases of catastrophic events.

Furthermore, the bill establishes new compliance requirements for property owners to maintain their tax-exempt status, including the submission of an annual certification to the county assessor. It also outlines specific conditions under which the exemption does not apply, particularly concerning properties that have already closed financing or are in service as of July 1, 2025, unless they meet certain rehabilitation criteria. The bill declares an emergency, making it effective on July 1, 2025, and includes a provision that exempt properties will not be included on new construction rolls prepared by county assessors.

Statutes affected:
Bill Text: 63-602GG