Freeport Exemption; Covid Relief
Current law allows local governments to approve "Freeport Exemptions" which exempt goods from ad valorem tax for the year that they are manufactured. Given decreases in demand due to the Covid-19 pandemic, inventory has remained past the one-year limitation for the exemption.
This bill would provide relief to manufacturers with surplus inventory by allowing them to value their inventory for the 2021 exemption at either the 2020 or the 2021 value.
5/4/2021 - Effective Date
5/4/2021 - Act 162
5/4/2021 - Date Signed by Governor