Relating to taxation; and prescribing an effective date.

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