HB621 Summary

• Amends Section 45-25-160.03 of the Alabama Code to increase TVA in-lieu-of-taxes payments distributed to the DeKalb County Economic Development Authority for fiscal years 2013-2016.

• Increases the Economic Development Authority's initial appropriation from $50,000 to $75,000 for fiscal year 2013-2014, then to $100,000 for fiscal year 2014-2015, and to $125,000 for fiscal year 2015-2016.

• Maintains the $125,000 annual appropriation level for fiscal year 2016 and beyond unless changed by future legislation.

• Preserves existing distribution percentages for county and city school boards (37 percent), the Animal Adoption Center Fund ($16,666.67 monthly), emergency communications ($2,500), and municipalities based on population.

• Became effective immediately upon passage and approval by the Governor.