House Bill 354

Chair's Name: Larry O�Neal

Committee: Ways & Means

House Sponsor: Larry O�Neal

This committee substitute received a Do Pass recommendation from the Ways & Means Committee and comes to the House Floor under the Structured Rule. 

Chairman O�Neal�s opinion of this legislation:

WHAT PROBLEM/OPPORTUNITY DOES THIS LEGISLATION ADDRESS?

This bill addresses various provisions in the ad valorem tax code to enhance compliance and clarify certain provisions.  The bill requires local governments and school boards to notify the Department of Revenue of the total amount of credits given to qualified homesteads within one year from the date of final installment of taxes was due from the taxpayer, it requires tax collectors or commissioners to record tax executions within 30 days after notice provisions have lapsed, it clarifies the income qualifications for a property owner seeking an increased homestead exemption, it clarifies that resolutions setting the terms of members of county tax assessor boards be transmitted to the revenue commissioner, and provides that each parcel of real estate included in public utility returns must be identified by its physical address and adequate description so that such property can be identified. 

WHAT IS THE DRIVING FORCE BEHIND THIS LEGISLATION?

To enhance compliance with our ad valorem tax laws.

THIS LEGISLATION:

• Reduces the Size of Government:

Enhanced compliance may result in less Department of Revenue oversight and auditing.

• Reduces the Tax Burden on Our Citizens:

This bill will enhance compliance, and will result in increased homestead grants.