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Engrossed Senate Bill (S)

DIGEST

Deduction for rehabilitation of residential property. Reinstates a property tax deduction for the rehabilitation of residential property that occurs after December 31, 2020. (Current law limits this deduction to residential rehabilitation occurring before January 2, 2017.) Provides that after December 31, 2020, the deduction applies only to homesteads. Increases the maximum assessed value of the improvements for purposes of the deduction. Amends the definition of "rehabilitation". Removes the scheduled expiration of the deduction. Makes conforming changes. Deduction for rehabilitation of residential property. Reinstates a property tax deduction for the rehabilitation of residential property that occurs after December 31, 2020. (Current law limits this deduction to residential rehabilitation occurring before January 2, 2017.) Provides that after December 31, 2020, the deduction applies only to homesteads. Increases the maximum assessed value of the improvements for purposes of the deduction. Amends the definition of "rehabilitation". Removes the scheduled expiration of the deduction. Makes conforming changes.