S.F. 2686 modifies the definition of real property by clarifying that the exterior shell of a structure used in the production of biofuels, wine, beer, distilled beverages and dairy products is not considered real property, even if the exterior shell has structural, insulation, or temperature control functions or provides protection from the elements.
However, the exterior shell of the structure will be considered real property if it is used primarily for the storage of ingredients or materials used in the production of biofuels, wine, beer, distilled beverages and dairy products, or for the storage of the finished product.
Effective Date: This section is effective for assessment year 2015, for taxes payable in 2016 and thereafter.
ESS/tg
|