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H. B. No. 193 As Reported by the House Veterans Affairs CommitteeAs Reported by the House Veterans Affairs Committee
129th General Assembly | Regular Session | 2011-2012 |
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Cosponsors:
Representatives Wachtmann, O'Brien, Bubp, Ashford, Brenner, Fende, Combs, Derickson, Dovilla, Adams, J., Okey, Johnson, Pillich, Fedor, Hagan, C., Milkovich, Yuko
A BILL
To amend section 5709.17 of the Revised Code to
eliminate the rental income limit that is a
condition for the veterans' organization property
tax exemption.
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. 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;
(B) Real estate and tangible personal property held or
occupied by a veterans' organization 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 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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