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HB 0451 - Ad valorem tax; property; fair market value applicable to inventory; provisions

Tracking Level: Passed
Sponsor: Eddie Lumsden (R)
Last Action: 5/4/2021 - Effective Date 2021-05-04
House Committee: Ways and Means
Senate Committee: Finance

Staff Analysis of the Legislation

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SUMMARY: HB 451/AP

 The bill allows freeport exemptions to be valued at the fair market value as of January 1, 2020 or 2021 instead of the year manufactured for the 2020 tax year.

EFFECTIVE DATE:

Upon signature of the Governor 

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