Three separate bills have been filed to close a statutory loophole that allows for-profit affordable housing projects to transfer their ownership to a non-profit entity in order to receive an exemption from ad valorem property taxes. SB 740
by Senator Simmons and HB 921
by Representative Renaurt are stand alone bills that remove this provision from law. Senator Simmons has also filed SB 928
, which is this year’s affordable housing package, and included the loophole fix provision in that bill as well. Last Friday, the Revenue Estimating Conference considered the impact of SB 740
and the impact of closing the loophole. The REC reached a consensus estimate for FY 13/14 ($117 million recurring) and by FY 17/18 ($140.9 million recurring).