HB 7001

1	A bill to be entitled
2	An act relating to ad valorem tax exemptions for exempt
3	entities; amending s. 196.192; specifying educational
4	institutions as exempt entities for purposes of exemptions
5	from ad valorem taxation for property owned by exempt
6	entities; providing an effective date.
7
8	Be It Enacted by the Legislature of the State of Florida:
9
10	Section 1.  Section 196.192, Florida Statutes, is amended
11	to read:
12	196.192  Exemptions from ad valorem taxation.--Subject to
13	the provisions of this chapter:
14	(1)  All property owned by an exempt entity, including
15	educational institutions, and used exclusively for exempt
16	purposes shall be totally exempt from ad valorem taxation.
17	(2)  All property owned by an exempt entity, including
18	educational institutions, and used predominantly for exempt
19	purposes shall be exempted from ad valorem taxation to the
20	extent of the ratio that such predominant use bears to the
21	nonexempt use.
22	(3)  All tangible personal property loaned or leased by a
23	natural person, by a trust holding property for a natural
24	person, or by an exempt entity to an exempt entity for public
25	display or exhibition on a recurrent schedule is exempt from ad
26	valorem taxation if the property is loaned or leased for no
27	consideration or for nominal consideration.
28
29	For purposes of this section, each use to which the property is
30	being put must be considered in granting an exemption from ad
31	valorem taxation, including any economic use in addition to any
32	physical use. For purposes of this section, property owned by a
33	limited liability company, the sole member of which is an exempt
34	entity, shall be treated as if the property were owned directly
35	by the exempt entity. This section does not apply in determining
36	the exemption for property owned by governmental units pursuant
37	to s. 196.199.
38	Section 2.  This act shall take effect upon becoming a law.

CODING: Words stricken are deletions; words underlined are additions.