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AL SB493
Bill
AI Summary
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Establishes the Tornado Recovery Tax Incentive Protection Act of 2011 to protect economic benefits for properties damaged by tornado outbreaks on April 15 and April 27, 2011.
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Allows tax abatements under Chapter 9B, Title 40 of the Alabama Code to be granted for repair or replacement of tornado-damaged property, not just new construction, for transactions entered into or property acquired before December 31, 2012.
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Permits existing ad valorem tax abatements to remain in effect despite interruption of qualifying business activities at damaged sites lasting through October 1, 2011, if directly attributable to the April tornados.
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Tolls wage and employee requirements for capital credits under Title 40, Chapter 18, Article 7 of the Alabama Code for a two-year period for otherwise qualifying projects damaged by the April 2011 tornados.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Tornado Recovery Tax Incentive Protection Act, grants and extensions of tax incentives and abatements for properties damaged or destroyed by April 2011 tornadoes, protected
Taxation
Last Action
Delivered to Governor at 7:55 p.m. on June 9, 2011
6/9/2011