Ad valorem tax; exemption for manufacturing facilities; defining battery energy storage system; exemption; applications. Effective date.

Summary

The bill amends the rules governing commercial and agricultural leases of trust property, limiting lease lengths and mandating public bidding at fair market value. It also obligates the Commissioners of the Land Office to make a payment in place of ad valorem taxes when they own more than 10% of a county’s land and a lease is started or renewed. The changes aim to ensure fair compensation for state land while protecting county tax revenues.

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