Relating to tax savings resulting from property tax exemption; and prescribing an effective date.

Requires, for purposes of property tax exemption, certain lease agreements for taxable property entered into by institution, organization or public body whose property is tax exempt to include express term that any tax savings resulting from such exemption shall inure solely to benefit of lessee institution, organization or public body. Provides that if institution, organization or public body whose property is tax exempt leases, subleases or grants possession of property to another such institution, organization or public body, exemption continues only if any tax savings resulting from such exemption will inure solely to benefit of lessee, sublessee or possessor institution, organization or public body. Takes effect on 91st day following adjournment sine die.