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AL SB262
Bill
Status
3/5/2014
Primary Sponsor
Shadrack McGill
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AI Summary
SB262 Summary
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Amends Section 40-9-1 of the Alabama Code to add a new exemption from ad valorem taxation for individual tangible taxable assets (excluding real property) with an original acquisition cost of $100 or less.
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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 approval by the Governor or upon otherwise becoming law.
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Passed the Alabama Senate on March 5, 2014, with a vote of 24 yes, 2 no, and 1 abstaining.
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
Pending third reading on day 30 Favorable from Commerce and Small Business
4/2/2014