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Committee advances amended bill to extend MRA tax-exemption window to up to 14 years
Summary
Senate Bill 58 as amended, which would extend metropolitan redevelopment-area (MRA) property-tax exemptions from seven years to up to 14 years, was reported out of committee as due pass after sponsor and experts said longer abatements help feasibility for housing and redevelopment projects.
Representative presenting Senate Bill 58 told the committee the amendment changes the program to allow MRAs to grant property-tax exemptions for up to 14 years instead of the current seven-year abatement. "What that does is it allows MRAs to either grant up to 1 year or 2 years, so a lesser amount of time, or up to 14 years," the sponsor said, noting rising materials and construction costs and the need to improve project…
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