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AL SB283
Bill
AI Summary
SB283 - Enhanced Use Lease Area Act of 2010
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Creates the Enhanced Use Lease Area Act of 2010 to enable tax increment financing for military installation properties leased under federal authority (Title 10 U.S.C. §2667), with tax increment districts lasting up to 35 years for enhanced use lease areas.
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Allows qualified property in tax increment districts where at least 50% consists of enhanced use lease areas to receive state property tax abatement, with owners paying state property tax increments directly to the public entity creating the district instead.
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State property tax increments received must be used to pay project costs and repay tax increment obligations issued to fund those costs related to utilizing underutilized military property.
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Requires provisional construction employers (50+ employees on qualifying projects) to register and report withholding taxes; employers failing to register in the prior tax year must report and pay all past withholding taxes and maintain compliance for one year to lose this status.
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Applies retroactively to tax increment districts created on or after January 1, 2010 that meet the 50% enhanced use lease area requirement.
Legislative Description
Counties and municipalities, development of blighted areas, tax increment districts, extended to enhanced use lease areas which are under-utilized areas on military base leased by secretary of a military department, taxes on incremental increase in value of development paid to finance development, Enhanced Use Lease Area Act, Secs. 40-9E-1, 40-9E-2 added; Secs. 11-99-1, 11-99-2, 11-99-4, 11-99-5, 11-99-6, 11-99-10, 40-18-70 am'd.
Taxation
Last Action
Delivered to Governor at 10:15 a.m. on March 4, 2010
3/3/2010