HB280 Summary

• Amends Section 40-9B-3 of the Code of Alabama 1975 to expand the definitions of "Industrial Development Property" and "Major Addition."

• Allows costs of rebuilding, reconstruction, rehabilitating, repairing, and re-equipping industrial or research enterprise property to be added to the capital account of any person with respect to the property.

• Clarifies that these reconstruction and rehabilitation costs can be capitalized even when expenditures are normally treated as current expenses under tax accounting rules.

• Becomes effective on the first day of the third month following passage and approval by the Governor.