The bill amends the Obsolete Property Rehabilitation Act by updating the language regarding the obsolete properties tax levied on owners of rehabilitated facilities that receive an exemption certificate. Key changes include the replacement of "upon" with "on" in the tax imposition clause, and the modification of the tax determination language from "shall be" to "is." The bill also clarifies the calculations for determining the obsolete properties tax, specifying the deductions allowed for land and certain personal property, and mandates that the tax must be collected and disbursed in accordance with the act.

Additionally, the bill introduces provisions for facilities located in renaissance zones or HOPE zones, exempting them from the obsolete properties tax to the extent provided under the respective acts. It also stipulates that certain amounts of the obsolete properties tax that would typically be disbursed to local school districts must instead be paid to the state treasury for the state school aid fund. The bill includes a requirement for local tax collecting units to notify relevant parties when exemptions are adopted and outlines the process for disbursement of the tax payments.

Statutes affected:
House Introduced Bill: 125.2790