SB470 Summary

• Establishes "Major 21st Century Manufacturing Zones" allowing municipalities to designate areas of at least 500 contiguous acres of underutilized real property suitable for automotive, aviation, medical, pharmaceutical, semiconductor, computer, electronics, energy conservation, cyber technology, or biomedical manufacturing facilities with anticipated capital expenditure of at least $100 million.

• Authorizes tax increment financing for Major 21st Century Manufacturing Zones to fund capital improvements, public infrastructure improvements, buildings, and structures necessary for qualifying manufacturing operations, with tax increment districts lasting up to 35 years.

• Allows both public entities and private entities (with funds from public entities) to incur project costs within Major 21st Century Manufacturing Zones, expanding financing mechanisms beyond traditional tax increment district applications.

• Modifies tax increment district procedures by allowing tax increment base redetermination for enhanced use lease areas and Major 21st Century Manufacturing Zones without requiring base adjustment, and permits state-level participation as a taxing authority in these districts.

• Passed the Alabama Senate unanimously with 31 yeas and 0 nays on April 9, 2012, applicable to districts created on or after April 1, 2012.