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HB 0888 - Freeport Exemptions - Changes to Application and Reporting Process
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Tracking Level: Neutral
Sponsor: David Knight (R)
Last Action: 5/8/2018 - Effective Date
House Committee: Ways and Means
Senate Committee: Finance
Assigned To:
Economic DevelopmentNext Bill
Larry RamseyNext Bill
Property TaxNext Bill

Staff Analysis of the Legislation

This bill changes the procedures for obtaining Freeport Exemptions from ad valorem taxes by: 1) requiring the use of a summary as prescribed by the Department of Revenue instead of a complete schedule of inventory; 2) providing that if the county board of tax assessors fails to issue a denial letter within 180 days after receiving the freeport application, the exemption is granted; 3) granting the exemption for the assembly of finished parts; and 4) providing that an exemption application is timely if postmarked by the date on which the local government "closes the book" on annual property tax returns.

Bill Summary from the State Site - Click for the State Summary Page / Click for Current Full Text

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