The bill amends the Commercial Redevelopment Act of 1978 by making several changes to sections 9, 12a, 16, and 18. Key modifications include clarifying that a commercial facilities exemption certificate applies to the facility itself but not the land or personal property, and specifying that the exemption from ad valorem property taxes remains in effect as long as the certificate is valid. The bill also introduces provisions for amending applications if errors are discovered post-issuance, allowing local governmental units to approve or deny these amended applications. Additionally, it establishes that the review process for extending certificates must be based on written criteria approved at the time of the original certificate's approval.

Further changes include the state treasurer's authority to exclude a portion of the state education tax from specific tax calculations for new or replacement facilities, with a cap on the number of exclusions granted each year. The deadline for granting new exemptions is extended to December 31, 2035, while existing exemptions will continue until their certificates expire. The bill also modifies the reporting timeline for governmental units to June 15 each year, ensuring they provide updates on the status of exemptions, property values, and job impacts.

Statutes affected:
Senate Introduced Bill: 207.659
As Passed by the Senate: 207.659