HB505 Summary

• Amends the Tornado Disaster Recovery Tax Incentive Protection Act of 2011 to expand tax abatement protections for industrial properties damaged or destroyed by natural disasters declared by the President or Alabama Governor.

• Allows tax abatements granted on damaged property to transfer to replacement property located at a different site within the same governing body jurisdiction if replacement property cost does not exceed original cost by more than 25 percent.

• Requires private users to notify the abatement granting authority, county assessing official, and Department of Revenue of property relocation changes by the first October 1 following the effective date or relocation.

• Permits transfer of abatements to replacement property in a different governing body jurisdiction subject to approval under existing procedures, with cost overages exceeding 25 percent requiring separate approval.

• Applies retroactively to April 15, 2011, and covers transactions entered into or property acquired after the April 2011 tornado outbreaks through December 31, 2012.