Amends existing law to establish criteria for a property tax exemption for business property regarding a new or existing plant investment.

Property tax exemption for qualified projects is one of the few economic development tools available to county governments to support and encourage business expansion opportunities. Over the past several years, county commissioners have suggested that the limited scope of the property tax exemption - namely, that it requires $3 million in capital investment and can be used only to support manufacturingprojects-hasbeenalimitingfactorinsupportingbusinessesthatwouldhaveprovidedaboost to the local economy. This legislation enhances the project eligibility beyond manufacturing and creates a lower threshold for capital investment of not less than $500,000. County commissioners would retain sole discretion on whether to extend this exemption to an eligible project and would have the ability to annually establish a higher threshold. They would also be required to notify local taxing districts when considering a property tax exemption.