HB 48 designates the current freeport law as Level 1 Freeport. It provides for a new level of freeport which is designated as Level 2 Freeport. This new level of freeport applies  to business inventory that does not otherwise qualify for a Level 1 Freeport. Other than this, Level 2 Freeport is imposed and operates in the same manner as Level 1 Freeport. It first requires approval by the governing authority. It can be set at 20, 40, 60, 80, or 100% of the value of the property. Finally, it requires voter approval in a local referendum. Level 2 Freeport is completely separate and distinct from Level 1 Freeport. A local jurisdiction has complete flexibility to choose the type of freeport or freeports it desires as well as the percentage value of each of the exemptions. A county could have a Level 1 only, a Level 2 only, or it could have both. It has the flexibility to have the same or to have different percentages of exemption percentage for the exemptions. For example, it could have Level 1 at 100% and Level 2 at 40%.