TAX/AD VALOREM-EXEMPTION: Establishes a definition for purposes of a prohibition on ad valorem tax exemptions for certain property owned by nonprofit organizations (OR SEE FISC NOTE LF RV See Note)

House Bill 659 amends Louisiana law regarding property tax exemptions for certain properties owned by nonprofit organizations. It defines "term of the lease" for properties leased to nonprofits for housing the homeless, clarifying how long these properties can receive an ad valorem tax exemption. Additionally, the bill defines "commercial purposes" as any business activity generating revenues in excess of costs, specifically for properties that are prohibited from receiving such tax exemptions. This bill will only take effect if a related proposed constitutional amendment is adopted by voters.