SB 6737-S - DIGEST

(DIGEST AS ENACTED)

     Regulates property taxation of residential housing occupied by low-income developmentally disabled persons.

     Declares that all real and personal property owned or leased by a nonprofit organization, corporation, or association to provide housing for eligible persons with developmental disabilities is exempt from property taxation.

     Provides that, to qualify for this exemption, the nonprofit organization, corporation, or association must be qualified for exemption under section 501(c)(3) of the internal revenue code of 1986 (26 U.S.C. Sec. 501(c)(3)).  It must also have been organized for charitable purposes to create and preserve long-term affordable housing for low-income developmentally disabled persons.

     Provides that the housing must be occupied by eligible persons who have a low income.