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Bill

Bill

S 664

NIH Reform Act

119th Congress Introduced by Rand Paul and 1 co-sponsor

Bill S 664 ensures lessees of tax-exempt properties may face new tax obligations, aiming to boost local revenue while maintaining fair taxation practices.

Introduced in Senate
0
WeVote Research Nonpartisan
Bill Summary · S 664

Summary of Bill S 664

Title

Relates to assessment and taxation of lessees and users of certain tax-exempt property

Bill Information

  • Bill Number: S 664
  • Status: Referred to Real Property Taxation
  • Introduced: January 08, 2025
  • Classification: Bill

Purpose and Intent

Bill S 664 aims to clarify and modify the assessment and taxation processes for lessees and users of certain properties that are currently tax-exempt. The intent is to ensure that these properties are appropriately assessed for tax purposes, potentially leading to increased revenue for local governments while maintaining fairness in the taxation system.

Key Provisions

  • Assessment Changes: The bill proposes new guidelines for how properties that are leased or used by individuals or entities, which are otherwise tax-exempt, should be assessed for taxation.
  • Taxation of Lessees: It establishes criteria under which lessees of tax-exempt properties may be subject to taxation, ensuring that the benefits of tax exemption do not extend to users who are not the owners of the property.
  • Implementation Timeline: The bill outlines a timeline for the implementation of these changes, although specific dates for implementation are not detailed in the current version.

Affected Parties

  • Lessees and Users: Individuals and organizations that lease or utilize tax-exempt properties will be directly affected, as they may face new tax obligations.
  • Local Governments: Municipalities may benefit from increased tax revenue as a result of the changes in assessment and taxation practices.
  • Property Owners: Owners of tax-exempt properties may need to adjust their leasing agreements and financial planning in response to the new regulations.

Legislative Actions

  • 2025-05-28: Passed Senate
  • 2025-05-28: Delivered to Assembly
  • 2025-05-28: Referred to Real Property Taxation
  • 2025-05-22: Advanced to Third Reading
  • 2025-05-21: 2nd Report Calendar
  • 2025-05-20: 1st Report Calendar 1143
  • 2025-01-08: Referred to Local Government

Related Bills

  • S 1679 (prior-session)
  • S 1814 (prior-session)
  • S 2774 (prior-session)
  • A 5680 (companion bill)

Conclusion

Bill S 664 represents a significant shift in the assessment and taxation of certain tax-exempt properties, focusing on the responsibilities of lessees and users. As it progresses through the legislative process, stakeholders will need to stay informed about its implications and prepare for potential changes in their tax obligations.

Compiled from official sources — confirm details with the bill’s official record.

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