This bill amends the General Property Tax Act of 1893, specifically section 7o, to clarify and expand the tax exemptions for properties owned by nonprofit charitable institutions and charitable trusts. It establishes that real or personal property owned and occupied by these entities is exempt from taxes when used solely for their intended charitable purposes. Additionally, properties leased or loaned to other nonprofit entities, hospitals, or educational institutions for similar purposes are also exempt. The bill further specifies conditions under which properties owned by nonprofit organizations can be exempt if they are leased to governmental entities, provided certain criteria are met.

The bill also introduces new definitions and clarifications regarding the types of organizations eligible for these exemptions, including the definition of a "qualified conservation organization." It modifies existing language to ensure consistency, such as changing "his or her" to "the chief executive officer's" in reference to the principal residence of a nonprofit's chief executive officer. Furthermore, it updates the effective date for certain exemptions and clarifies the conditions under which nonprofit corporations can apply for tax exemptions, ensuring that properties previously treated as exempt continue to receive that status under the new provisions.

Statutes affected:
House Introduced Bill: 211.7