The bill amends the Commercial Redevelopment Act of 1978, specifically section 12, to clarify and update the provisions regarding the commercial facilities tax levied on owners of new, replacement, or restored facilities that receive a commercial facilities exemption certificate. Key changes include the determination of the tax amount for restored facilities, which is now stated as being calculated by multiplying the total mills levied as ad valorem taxes by the taxable value of the real property of the obsolete commercial property. For new or replacement facilities, the tax is determined by the taxable value of the facility, excluding land and certain personal property, multiplied by a specified fraction of the total mills levied.

Additionally, the bill introduces exemptions for facilities located in renaissance zones or HOPE zones, specifying that these facilities are exempt from the commercial facilities tax to the extent provided under the respective acts. It also clarifies that the commercial facilities tax must be collected and disbursed in accordance with the act, and it establishes that the term "facility" does not include casinos. The bill includes various insertions and deletions to refine the language and ensure compliance with current tax regulations and definitions.

Statutes affected:
House Introduced Bill: 207.662