The bill amends the Commercial Rehabilitation Act by updating the language regarding the commercial rehabilitation tax levied on owners of qualified facilities that receive a commercial rehabilitation exemption certificate. It specifies that the tax is determined by calculations involving the total mills levied as ad valorem taxes and the taxable value of the real and personal property of the qualified facility. The bill also clarifies that the commercial rehabilitation tax is an annual tax, payable in the same manner as general property taxes, and outlines the distribution of tax payments to various governmental entities.

Additionally, the bill introduces exemptions for qualified facilities located in renaissance zones or HOPE zones, stating that they are exempt from the commercial rehabilitation tax to the extent provided under the respective acts. It also modifies the language to ensure that certain tax amounts that would typically be disbursed to local school districts are instead directed to the state treasury for the state school aid fund. The bill includes several insertions and deletions to refine the legal language and clarify the tax calculations and exemptions.

Statutes affected:
House Introduced Bill: 207.850