Amends existing law to revise definitions and to provide application to operating property for the tax exemption for new capital investments.

ThisLegislationmakesthreetechnicalchangestothetaxexemptionfornewcapitalinvestmentsofatleast$1 billion. First, it clarifies that the exemption applies to any investment in real or personal property, regardless of how or by whom the property is assessed. Second, it changes the beginning of the qualifying period during which the investment must be made to start with the issuance of a building permit rather than the first inspection of an improvement on the property. Third, it confirms that the qualifying investment includes personal property and fixtures constructed off site but installed on site.