Section X-6B: Qualifying manufacturing concern - Ad valorem tax exemption.

  For the purpose of inducing any manufacturing concern to locate
or expand manufacturing facilities within any county of this
state, a qualifying manufacturing concern shall be exempt from
the levy of any ad valorem taxes upon new, expanded or acquired
manufacturing facilities for a period of five (5) years.
  For purposes of this section, a "qualifying manufacturing
concern" means a concern that:
  1.  Is not engaged in business in this state or does not have
property subject to ad valorem tax in this state and constructs a
manufacturing facility in this state or acquires an existing
facility that has been unoccupied for a period of twelve (12)
months prior to acquisition; or
  2.  Is engaged in business in this state or has property
subject to ad valorem tax in this state and constructs a
manufacturing facility in this state at a different location from
present facilities and continues to operate all of its facilities
or acquires an existing facility that has been unoccupied for a
period of twelve (12) months prior to acquisition and continues
to operate all of its facilities.
  The exemption allowed by this section shall apply to expansions
of existing facilities.  Provided, however that any exemption
shall be limited to the increase in ad valorem taxes directly
attributable to the expansion.
  The Legislature shall define the term "manufacturing facility"
for purposes of the ad valorem tax exemption provided by this
section in order to promote full employment of labor resources
within the state; provided, however, that a manufacturing
facility that qualifies for the ad valorem tax exemption provided
by this section, pursuant to the definition of "manufacturing
facility" then applicable, shall be eligible for the exemption
without regard to subsequent changes in the definition of the
term "manufacturing facility".
  The Legislature shall enact laws to carry out the provisions of
this section and to provide for the reimbursement to common
schools, county governments, cities and towns, emergency medical
services districts, vocational-technical schools, junior
colleges, county health departments and libraries for revenues
lost to such entities as a result of the exemption provided by
this section.
  The assessed valuation of property exempt from taxation by
virtue of this section shall be added to the assessed valuation
of taxable property in computing the limit on indebtedness of
political subdivisions contained in Section 26 of this article.