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AL HB606
Bill
Status
3/13/2014
Primary Sponsor
Jim Patterson
Click for details
AI Summary
HB 606 Summary
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Amends Section 40-9-1 of the Code of Alabama 1975 to add a new exemption category for personal property ad valorem taxation.
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Exempts all individual tangible taxable assets, excluding real property, with an original acquisition cost of $100 or less from ad valorem taxation.
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Defines "original acquisition cost" as the amount paid by the current owner to acquire the tangible taxable asset.
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Becomes effective immediately upon passage and gubernatorial approval or upon otherwise becoming law.
Legislative Description
Personal property, exempt from ad valorem tax, individual tangible taxable assets exempt from ad valorem tax, excluding real property, Sec. 40-9-1 am'd.
Taxation
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund
3/13/2014