House Bill (HB) 2026: municipal tax exemptions; residential lease
Sponsor: Representative Mitchell
Summary: HB 2026 currently states that if a renter owns less than three, single family, free standing residential properties in a city or town, municipalities are required to exempt the properties from residential rental tax.
League Position: OPPOSE - The League opposes this bill because of the fiscal impacts to cities and towns. Additionally, the sponsor announced his eventual goal is to exempt all rental properties from the residential rental tax, a major source of revenue for cities and towns.
Updates
2/8/2016: HB2026 passed the House Ways and Means Committee by a vote of 5-4. The bill now proceeds to the Rules Committee.
2/18/2016: HB2026 failed in the House COW.