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Senate Bill 0464


 

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Senate Bill 0464

ARCHIVE (2003)

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DIGEST OF SB464 (Updated April 15, 2003 3:47 PM - DI 84)

Property tax matters. Requires the department of local government finance to adjust maximum cumulative fund rates, school capital project fund rates, and racial balance fund rates to permit the maintenance of fund levies after the application of inventory exemptions and deductions. Adjusts the timing of adoption of an ordinance to use economic development income tax revenue to provide increased homestead credits to offset inventory deductions and provides that the credits are not required to be uniformly applied. Adjusts assessed value qualification limits for certain deductions and state property tax rates for the state fair and state forestry to account for reassessment. Under certain circumstances for taxes payable in 2002, permits a county auditor to allow an enterprise zone inventory tax credit based on an application that was not timely filed.
    Current Status:
     Law Enacted
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