HB427 Summary

• Amends Section 40-9B-3 of the Code of Alabama 1975 to expand the definition of "Private User" to include nonprofit corporations that are or will be treated as owners of private use industrial property for federal income tax purposes.

• The expansion applies specifically to nonprofit corporations used for tourism destination attractions, which must be open to the public at least 120 days per year and designed to attract visitors for cultural, historical, natural, or entertainment value.

• Establishes that tourism destination attractions include cultural or historical sites, botanical gardens, museums, wildlife parks, amusement parks, convention hotels, water parks, and spectator venues, but exclude retail facilities, shopping centers, restaurants, theaters, and gaming establishments.

• Becomes effective on the first day of the third month following passage and approval by the Governor.