SB96 Summary

• Authorizes Alabama municipalities to designate large contiguous tracts of underutilized real property (minimum 250 acres) as Major 21st Century Manufacturing Zones for automotive, aviation, medical, pharmaceutical, semiconductor, computer, electronics, energy conservation, cyber technology, and biomedical industry manufacturing facilities.

• Enables municipalities and counties to fund infrastructure improvements, capital improvements to existing facilities, and construction of buildings and structures within these zones through tax increment financing mechanisms.

• Establishes procedures for creating tax increment districts, including public hearings, written submissions to deferred tax recipients, and local governing body resolutions; permits district duration up to 35 years for Major 21st Century Manufacturing Zones.

• Allows project costs to be funded through tax increment funds, general funds, bonds, notes, or warrants; permits tax increment obligations to be issued without voter approval by local governing body resolution.

• Provides that tax increments collected in excess of the baseline value be allocated to the public entity creating the district until project costs are recovered or 35 years elapse, whichever comes first.