(1) As used in this section, unless the context otherwise requires:
(a) "Qualified business entity" means a limited partnership or a limited liability company:
(I) That is formed for the purpose of obtaining federal tax credits and that does obtain such credits; and
(II) The general partner or managing member of which is an entity that would qualify for property tax exemption under sections 39-3-106 to 39-3-113.5.
(2) For property tax years beginning on or after January 1, 2014, real and personal property is exempt from the levy and collection of property tax if:
(a) The property tax is owed by a qualified business entity; and
(b) The property is used for the purposes described in sections 39-3-106 to 39-3-113.5 and 39-3-116.
(3) In addition to any other requirement specified in this section, any exemption claimed pursuant to the provisions of this section must also comply with section 39-2-117.
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