(HB1699)

GOVERNOR'S RECOMMENDATION

1. After line 247, enrolled

insert

3. That the Department of Taxation (the Department) shall review (i) the exemptions to the state recordation tax and the impact of such exemptions on state government revenues and (ii) the exemptions to real and personal property tax by classifications set or designations made on or before July 1, 1971, and the impact of such exemptions on local government revenues. The Department shall submit a report on the findings of such review to the Chairs of the House Committee on Finance and the Senate Committee on Finance and Appropriations by November 1, 2025.

4. That the provisions of the first and second enactments of this act shall not become effective unless reenacted by the 2026 Session of the General Assembly.