Leasehold interests in real property owned by state universities

From the 2024 DOR Tax Exemption Study

82.29A.120(1)(b) - Leasehold interests in real property owned by state universities Description A credit is allowed against leasehold excise tax for real property owned by a state university equal to the amount of leasehold excise tax exceeds property tax that would apply if the property were privately owned. This credit is only available on properties valued more than $10 million as of January 1st of the year prior to the year the credit is claimed. Purpose To reduce the leasehold excise tax for lessees of state-owned university property when the leasehold excise tax exceeds the property tax if the property was otherwise owned by the lessee. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes CTI CTI CTI CTI Local Taxes CTI CTI CTI CTI Repeal of Repealing this credit may result in a minimal increase of revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 CTI CTI CTI Local Taxes $0.000 CTI CTI CTI Assumptions This credit impacts fewer than three taxpayers; any impacts are confidential. Data Sources Department of Revenue, Leasehold excise tax data Additional Additional Information I