HB 4318

Abstract

Amends the Property Tax Code. In provisions concerning PPV leases, provides that the current method of classifying and valuing PPV leases expires on the earlier of (i) January 1, 2056 or (ii) January 1 of the calendar year in which the particular PPV lease terminates (now, January 1, 2016). Provides that, for naval training facilities, naval bases, and naval support facilities, "net operating income" means all revenues received minus the lesser of (i) 42% of all revenues or (ii) actual expenses before interest, taxes, depreciation, and amortization (now, all revenues received minus the lesser of (i) 62% of all revenues or (ii) actual expenses before interest, taxes, depreciation, and amortization). Effective immediately.