Relating to taxation; and prescribing an effective date.

Makes corrections to and updates tax statutes. Allows governing body of local government to elect definition of "low income" from expanded definition for purposes of certain rental property tax exemptions. Clarifies that property tax exemption for environmentally sensitive logging equipment applies to logging equipment actually used or held for use. Allows city to extend for 24 months deadline for completion of construction of single-unit housing eligible for property tax exemption. Extends sunset for homestead property tax deferral program.] Aligns provision for calculating interest paid by Department of Revenue if refund is owed with similar interest provisions. Applies to tax refunds…