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AL SB415

Bill

Official Source

Status

Introduced

4/11/2013

Primary Sponsor

Shadrack McGill

Click for details

Origin

Senate

Regular Session 2013

AI Summary

  • Amends Section 40-9-1 of the Code of Alabama 1975 to add a new exemption from ad valorem taxation for individual tangible taxable assets with an original acquisition cost of $250 or less.

  • Excludes real property from this exemption, applying the $250 threshold only to tangible personal property.

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

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

Legislative Description

Taxation, exempt tangible assets, exempt real property whose original acquisition cost was less than $250.00, Sec. 40-9-1 am'd.

Taxation

Last Action

Indefinitely Postponed

5/7/2013

Committee Referrals

Finance and Taxation General Fund4/11/2013

Full Bill Text

No bill text available