AL SB152

Provides a noneducational property tax exemption for small businesses (companies with fewer than 100 employees) that expand or relocate within Alabama.

Exemption lasts for five years from the date the Department of Revenue approves the project, after which the property returns to its appropriate appraised value.

Small business companies must file a written statement of intent with the Department of Revenue before expansion or relocation, including project description, expected start date, estimated costs, and number of new employees.

If the small business sells the qualifying project during the five-year exemption period, the exemption terminates and the property is reappraised at the new owner's appraised value.

Department of Revenue must conduct annual audits of exempt small businesses to monitor compliance, report annually to the Legislature and public on exemptions claimed, and may promulgate rules to implement the act.