3) Shall the Act be approved which expands the ad valorem tax exemption for veterans organizations to include certain additional nonprofit veterans organizations which refurbish and operate historic military aircraft for educational purposes? (HB 173, passed in 2006)
EXPLANATION: Expands the ad valorem tax credit already in place for veterans groups with 501 (c)(3) taxexempt status to those which have been organized for the purpose of refurbishing and operating historic military aircraft acquired from the federal government or other sources, to make such aircraft airworthy, and putting the aircraft on display for public educational purposes, i.e. the Commemorative Air Force.
PROS: Provides for an ad valorem exemption to a nonprofit veterans organization which refurbish historic military airplanes.
CONS: This referendum is very narrowly tailored and is an example of special interest legislation. The fiscal impact is estimated to be less than $500,000 statewide.
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