AL SB369

Amends Section 40-9-17 of the Code of Alabama 1975 to expand the tax exemption for college-owned property used for housing purposes.

Exempts from taxation all property owned or used by a college for housing students, faculty members, or other college employees.

Maintains existing exemption for property owned by a college held for the bona fide purpose of campus enlargement or development of a new campus.

Changes statutory language from "owned and used" to "owned or used" to broaden the scope of the housing exemption.

Becomes effective on the first day of the third month following passage and gubernatorial approval.