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S 5460

Relates to the taxation of property owned by a cooperative corporation

2025 Regular Session Introduced by Leroy Comrie

S 5460 changes how property owned by cooperative corporations is taxed, affecting coop tax bills and possibly residents and local government revenue.

REFERRED TO LOCAL GOVERNMENT
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Bill Summary · S 5460

Summary: S 5460 — Relates to the taxation of property owned by a cooperative corporation

Overview

  • Bill Number: S 5460
  • Title: Relates to the taxation of property owned by a cooperative corporation
  • Status: Referred to Local Government
  • Introduced: February 21, 2025
  • Primary Sponsor: Leroy Comrie

This bill focuses on how property owned by cooperative corporations is taxed. The information provided does not include the bill’s full text, so the specific changes to tax law, classifications, exemptions, or assessment rules are not detailed here. The official bill language would define the exact scope and mechanics of any proposed changes.

Key Provisions (as of available information)

  • The available materials identify the bill’s subject as the taxation of property owned by a cooperative corporation.
  • Specific provisions (such as changes to property tax assessment, tax rate classifications, exemptions, or transition rules) are not included in the summary information provided.
  • The actual text would specify the precise amendments to existing tax statutes and outline any effective dates, compliance requirements, or administrative procedures.

Note: Readers should consult the full bill text for exact language, definitions, and implementation details once published by the legislature.

Who/What Could Be Affected

  • Primary entity affected: Cooperative corporations that own property and are subject to property taxation under existing law.
  • Secondary effects: Potential implications for residents/shareholders in cooperatives (depending on how property taxes are passed through or allocated within a cooperative structure) and for local government property tax administration and revenue.

Legislative Process and Timeline

  • Introduced: February 21, 2025.
  • Action to date: Referred to Local Government (the listing shows this referral was recorded more than once on the same date; no additional actions are documented here).
  • Next steps: The bill would proceed through committee consideration (Local Government) with potential hearings, amendments, and votes before moving to the full chamber for consideration. Tracking would require monitoring the legislature’s bill track system for any amendments, fiscal notes, or floor action.

Related Bills and Companion

  • Related bills (prior sessions): S 1191, S 618, S 1000, S 546, S 255, S 7727, S 7057, S 5946, S 4065.
  • Companion: A 3812 (listed as a companion in two entries).

How to Learn More

  • Review the full bill text and fiscal impact statements when they become available.
  • Check committee hearing calendars for Local Government to see if and when this bill will be discussed.
  • Look for any amendments or sponsor statements that clarify intent, definitions, and implementation timelines.

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

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