SB420 Summary

• Amends Section 45-2-244.183 of the Code of Alabama 1975 to modify how privilege license tax proceeds from leasing or renting tangible personal property are distributed in Baldwin County.

• Changes the fiscal year starting point for Historic Blakeley Authority funding from September 30, 2010 to September 30, 2013, and reduces the number of years using the original 50/50 capital outlay and operations split from three to two fiscal years.

• Allows Historic Blakeley Authority to expend 50 percent of funds for capital outlay and 50 percent for operations during the first two fiscal years, then three-fourths for capital outlay and one-fourth for operations in the next two fiscal years, with all subsequent distributions earmarked for capital outlay only.

• Permits the Historic Blakeley Authority to use up to 50 percent of tax revenue earmarked for capital outlay to fund operations when the authority supplements its lease tax revenue with equivalent capital contributions from other sources.

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