Bill Number: S.B. 1506
Brophy
McGee Floor Amendment
Reference
to: printed bill
Amendment
drafted by: Leg Council
FLOOR
AMENDMENT EXPLANATION
1. Requires an owner, in order to elect to
have the valuation determined by the income approach to value, to submit the
three most current annual audited financial statements required by the Arizona
Department of Housing, rather than all reasonably necessary income and expense
information for the owner's most recent 12-month period.
2. Allows an owner, if they do not yet have
three annual audited financial statements, to submit the available audited
financial statements, rather than an entire year of historical income and
expense data.
3. Requires a property to
no longer be valued using the income approach to value if a property previously
qualified for the income approach to value and the property's current use has
transitioned to conventional multifamily property in compliance with federal
law.
4. Makes conforming
changes.
Fifty-fourth Legislature Brophy
McGee
Second
Regular Session S.B. 1506
BROPHY MCGEE FLOOR AMENDMENT
SENATE AMENDMENTS TO S.B. 1506
(Reference to printed bill)
Page 3, line
44, after "submitting" strike remainder of line
Page 4, line
1, strike "expense information for the owner's most recent
twelve month period" insert "the three most
current annual audited financial statements required by the arizona department
of housing"
Line 3,
after "not" insert "yet";
strike "an"
Line 4,
strike "entire year of historical income and expense data"
insert "three annual audited financial statements"
Line 5,
after the second "the" insert "available audited financial statements and the"
Line 7,
strike "is" insert "was"
Between
lines 13 and 14, insert:
"F. If a property previously qualified for valuation under
this article but has fully transitioned the property's current use to use as a
conventional multifamily property in compliance with 26 United States code
section 42(h)(6)(E), the property shall no longer be
valued under this article and the property's limited value shall be calculated
pursuant to section 42‑13302."
Reletter to
conform
Amend title to conform