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Am. H. B. No. 65As Reported by the Senate Ways and Means CommitteeAs Reported by the Senate Ways and Means Committee
124th General Assembly | Regular Session | 2001-2002 |
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REPRESENTATIVES Calvert, Carey, Britton, Damschroder, Evans, Seitz, Hartnett, Fedor, Young, Boccieri, Hollister, Core, Schuring, Jolivette, Redfern, Allen, Willamowski, Womer Benjamin, Latta, Gilb, Coates, Brown, S. Smith, Sykes, Kilbane, Olman, Setzer, Niehaus, Collier, Buehrer, Aslanides, Schmidt, Flannery, Sulzer, Lendrum, Trakas, Hughes, Reidelbach, Carmichael, Barrett, Flowers, Metzger, Otterman, Wolpert, Carano, Oakar, Roman, Peterson, McGregor, Jerse, G. Smith, DeBose, Webster, Distel, Mason, Latell, D. Miller, Key, Woodard, Driehaus, Rhine, Krupinski, Faber, Hoops
SENATOR Amstutz
A BILL
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, except
real property used to generate annual gross income
of more than a specified amount.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That section 5709.17 of the Revised Code be
amended to read as
follows:
Sec. 5709.17. (A)
The following property shall be exempted from
taxation: (A) 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.; (B) 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 or other income, shall be
exempt from
taxation
in excess of the designated amount, before accounting for
any cost or expense incurred in the production of such income.
For
the purposes of this division, the designated amount equals
seven
thousand five hundred dollars in tax year 2002, and shall be
increased by two hundred fifty dollars each year thereafter
until
tax year 2012, when it shall equal ten thousand dollars.
For tax
years 2013 and thereafter, the designated amount shall
equal ten
thousand dollars.
(C) Tangible personal property held by a corporation chartered under 112 Stat. 1335, 36 U.S.C.A. 40701, described in section 501(c)(3) of the Internal Revenue Code, and exempt from taxation under section 501(a) of the Internal Revenue Code shall be exempt from taxation if it is property obtained as described in 112 Stat. 1335-1341, 36 U.S.C.A. Chapter 407.
Section 2. That existing section 5709.17 of the Revised Code
is hereby
repealed.
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