To amend section 5709.17 of the Revised Code to exempt from taxation property held or occupied by veterans' organizations that qualify for income tax exemption under the Internal Revenue Code.

Section 1. That section 5709.17 of the Revised Code be amended to read as follows:

Sec. 5709.17.  Real estate held or occupied by an association or corporation, organized or incorporated under the laws of this state relative to soldiers' memorial associations, monumental building associations, or cemetery associations or corporations, which in the opinion of the trustees, directors, or managers thereof is necessary and proper to carry out the object intended for such association or corporation, shall be exempt from taxation.

Real estate and tangible personal property held or occupied by a war veterans' organization, which is organized exclusively for charitable purposes that qualifies for exemption from taxation under section 501(c)(19) or 501(c)(23) of the "Internal Revenue Code of 1986," 100 Stat. 2085, 26 U.S.C.A. 1, as amended, and is incorporated under the laws of this state or the United States, except real estate held by such organization for the production of rental income, shall be exempt from taxation.

Section 2.  That existing section 5709.17 of the Revised Code is hereby repealed.