AB 1485: Property tax: documentary transfer tax: exemptions: Native American tribes.

The bill aims to exempt certain property from taxation. For the preservation of natural resources or open-space lands, property may be owned and operated by a federally recognized Indian tribe or a subsidiary of such a tribe meeting specific requirements. This exemption applies until January 1, 2031. The bill also exempts the transfer of tribal land return transactions from a documentary transfer tax until January 1, 2031. Additionally, the bill requires new tax expenditures to include specific goals, purposes, and objectives, detailed performance indicators, and data collection requirements. The state will reimburse local agencies and school districts for costs mandated by the state if determined by the commission on state mandates. The bill takes effect immediately as a tax levy.