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Senate Bill 0286

Senate Bill 0286

ARCHIVE (2004)

Latest Information

DIGEST OF SB 286 (Updated February 18, 2004 5:58 pm - DI 92)

Various tax matters. Extends the research expense income tax credit indefinitely. Allows a property owner to determine the year in which a five year residential rehabilitation property tax deduction period begins and allows a property owner to revive a deduction not taken for the assessment date in 2003 or an earlier year. Amends the definition of rehabilitation. Allows the inclusion of certain market data in the application for a deduction. Provides that the property tax deduction for a building that contains principal rental dwellings is equal to the number of units multiplied by $2,000. Increases the standard deduction for homesteads by $2,000. Establishes a farmland property tax credit. Makes an appropriation to distribute an amount to taxing units equal to the amount of farmland property tax credits granted in the taxing units.
    Current Status:
    Out of Committee 2nd House
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