HB530 Summary

• Proposes a constitutional amendment allowing municipalities and counties with tax increment districts in Major 21st Century Manufacturing Zones to determine the amount and type of consideration for property disposals without regard to Sections 93 and 94 of the Alabama Constitution.

• Permits the use of public moneys, ad valorem tax revenues, and bond proceeds within such districts for property acquisition, redevelopment, rehabilitation, or conservation, with discretion granted to local governing bodies.

• Exempts obligations issued by municipalities or counties for these purposes from constitutional debt limits.

• Validates and confirms the Major 21st Century Manufacturing Zone Act (Act 2013-51) and exempts its exercise from limitations otherwise applicable under Sections 93 and 94 of the Alabama Constitution.

• Requires the constitutional amendment to be approved by a majority of qualified state electors voting at an election held in accordance with existing constitutional procedures, with notice published for four consecutive weeks prior to the election.