AL HB624

Amends Section 40-9-1 of the Alabama Code to add a new exemption from ad valorem taxation for individual tangible assets with an original acquisition cost of $250 or less, excluding real property.

Defines "original acquisition cost" as the amount paid by the current owner to acquire the tangible taxable asset.

Applies the exemption only to tangible personal property, not real property or other assets already exempted under existing law.

Becomes effective October 1, 2013, following passage and approval by the Governor or otherwise becoming law.