This bill aims to provide property tax relief for businesses affected by government-imposed curfews or occupancy reductions during a state of emergency or disaster. It introduces a new section that establishes property tax payment exemption credits for businesses with class four and class eight properties when such restrictions are in place for more than 14 consecutive days. The initial exemption credit is set at 25% of the property tax attributable to the budget of the government entity that imposed the restrictions, with an additional extended exemption credit based on the duration of the curfew or occupancy reduction. The bill also stipulates that businesses must be open to the public and directly impacted by the restrictions to qualify for these credits. Furthermore, it waives penalties and interest for late payments if taxes are paid within 30 days of the due date.

Additionally, the bill amends existing laws to clarify that any loss in property tax revenue due to these exemptions is not reimbursable by increasing taxes on other taxpayers, and it supersedes unfunded mandate laws. It also includes provisions for the immediate effect and applicability of the act, ensuring that the tax relief measures apply to property tax payments due after the bill's effective date. The bill aims to alleviate the financial burden on businesses during emergencies while also requiring government entities to adjust their spending in response to the reduced tax revenue.

Statutes affected:
Introduced: 10-3-303, 10-3-405, 15-16-102