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AL SB362
Bill
AI Summary
SB362 Summary
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Reduces interest rate from 12 percent to 7.5 percent on amounts awarded in tax sale-related actions for taxes delinquent on or after January 1, 2016.
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Applies the 7.5 percent rate to Sections 40-10-75, 40-10-76, 40-10-77, 40-10-83, 40-10-121, and 40-10-122 of the Alabama Code.
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Maintains the 12 percent interest rate for tax sales occurring prior to January 1, 2016.
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Becomes effective October 1, 2015, for actions related to taxes delinquent on or after January 1, 2016.
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Passed the Senate unanimously on May 5, 2015, with 27 yeas and 0 nays.
Legislative Description
Interest, due or paid on properties reduced subject to tax sale, Secs. 40-10-75, 40-10-76, 40-10-77, 40-10-83, 40-10-121, 40-10-122 am'd.
Interest
Last Action
Pending third reading on day 23 Favorable from Ways and Means General Fund
5/5/2015