TO EXEMPT FROM GROSS INCOME A GAIN BY A TAXPAYER RESULTING FROM THE ACQUISITION OF PROPERTY UNDER THE RIGHT OF EMINENT DOMAIN OR THE THREAT OF CONDEMNATION.

Senate Bill 204 proposes to exempt certain financial gains from state gross income for tax purposes. This exemption would apply to taxpayers whose property is acquired by a government or entity under the right of eminent domain or the threat of condemnation. Essentially, any profit a property owner makes from such a forced sale would not be considered taxable income under this bill.