AN ACT ESTABLISHING A PROPERTY TAX EXEMPTION FOR PROPERTY LOCATED ON CERTAIN INDIAN LANDS.

SB 1042 would exempt real property and tangible personal property located on reservation land held in trust for federally recognized Indian tribes from state property taxes. This bill directly affects tribal lands and properties owned by or used by federally recognized tribes on trust lands. The key provision amends existing law to remove property tax liability for these specific properties. The bill does not change tax rates or apply to non-trust tribal lands or other property types.