Relating to: property tax exemption for nonprofit theaters. (FE)

AB 185 modifies property tax exemption rules to expand eligibility for nonprofit theaters. It creates a new provision (70.11 (29m)(b)) requiring qualifying theaters to be operated by an IRS 501(c)(3) nonprofit (with a determination letter by October 1, 1990), use all property for theater arts, and have a total seating capacity of at least 240 persons. The bill repeals the previous exemption section (70.11 (29p)) and applies to property tax assessments starting January 1, 2025. This change directly affects nonprofit theaters meeting these specific criteria, potentially reducing their property tax burden.