HB2507: Relating to property tax exemption; and prescribing an effective date.

Legislative Summary

Expands property tax exemption for property of industry apprenticeship or training trust that is 501(c)(3) corporation to allow for occasional use of property by another 501(c)(3) corporation for purposes for which other corporation is granted exemption from federal income tax. Allows exception to requirement for property tax exemption that property of industry apprenticeship or training trust be actually and exclusively occupied and used for purposes of industry apprenticeship or training trust for occasional use by corporation exempt from federal income tax for purposes for which corporation is granted federal exemption.] Expands property tax exemption for property of industry apprenticeship or training trust that is 501(c)(3) corporation to allow for occasional use of property by another 501(c)(3) corporation for purposes for which other corporation is granted exemption from federal income tax. Takes effect on 91st day following adjournment sine die.