Ad valorem; exempt certain tractors, agricultural implements and equipment, and vehicles.

Added exemptions for disaster response equipment brought into the state temporarily and removed within a defined disaster response period.

Added exemptions for technology incubator startups and their parent nonprofit entities, including leasehold interests in incubator facilities.

Added exemptions for nonprofit organizations assisting with oil spill response and cleanup operations under federal contingency plans.

Added exemptions for auxiliary facilities constructed or renovated under specific state infrastructure programs.

Added exemptions for watercraft used in oil and gas exploration and production, including vessels under construction and those in manufacturer possession for up to 12 months after completion.

Added exemptions for property used to provide free swimming and water safety training facilities to public school districts and nonprofit organizations.

Added exemptions for municipalities that expand boundaries to include major economic development project sites, for up to 30 years.

Added exemptions for leases and leaseholds related to electricity generation, transmission, and distribution facilities while the United States owns the property.

Added exemptions for nuclear fuel and reprocessed nuclear fuel by-products used by public utilities for electricity generation.

Added exemptions for growing nursery stock.

Added exemptions for semitrailers used in interstate commerce.

Added exemptions for property used to house and provide services to elderly, disabled, and mentally impaired persons operated by qualified nonprofit corporations.

Added exemptions for vessels in the hands of bona fide dealers as merchandise, with specific definitions for 'vessel' and 'waters of this state'.

Added exemptions for property owned by 501(c)(4) nonprofit organizations that assist with oil spill response and cleanup operations.

Added exemptions for property located on major economic development project sites when municipalities expand boundaries to include those sites, for up to 30 years.

Modified vessel exemption provisions to clarify that vessels used for oil and gas exploration and production may be exempt for more than 12 months under specific conditions, including compliance with port authority agreements and county/municipal resolutions.

Added effective date provision stating the act takes effect on January 1, 2026.