TAX RATES AND CREDITS
HB 23 Property Taxes - Special Rate for Commercial and Industrial Property DID NOT PASS POSITION: Oppose Localities would be able to establish a subclass of commercial and industrial property and set special property tax rates for financing transportation or education needs. HB 87/SB 132 Short-Term Rentals and Home Amenity Rentals - Regulation DID NOT PASS POSITION: Oppose This bill would have applied hotel health and safety requirements to short-term rental units and home amenities, and allowed localities to define “high-intensity” usage of those rentals. HB 342 State Transfer Tax – Rates and Distribution of Revenue DID NOT PASS POSITION: Oppose A graduated tax rate structure for residential and nonresidential transactions would be imposed, resulting in over $100 million in additional transfer taxes on real estate annually. HB 390/SB 327 Affordable Housing Payment In Lieu of Taxes Expansion Act PASSED – Effective June 1, 2025 POSITION: Monitor Operators of rental housing developments may enter into payment in lieu of taxes with local governments for maintaining at least 25% of the units as affordable. HB 641 State Property Tax - Transportation Funding Act of 2025 DID NOT PASS POSITION: Oppose The Governor would be required to submit a proposal for a State property tax to support transportation projects and programs each year.
HB 698/SB 814 Development Impact Fees, Surcharges, and Excise Taxes - Reporting PASSED – Effective October 1, 2025 POSITION: Support
By July 1, each county must annually report to the Governor and the General Assembly information relating to the collection and expenditure of development impact fees, surcharges, or excise taxes over the prior year HB 1428/SB 582 Sale of Residential Property - Taxes and Offers to Purchase DID NOT PASS POSITION: Oppose This bill would have imposed excise taxes on properties owned by hedge funds, as well as a 30-day lockout period and 15% transfer tax on properties sold to investors.
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