HB 201 Summary

• Amends Section 40-9B-5 of the Alabama Code to require municipalities, counties, or industrial development boards/authorities that receive payments or in-kind contributions in exchange for tax abatements to divide those payments between the municipality and county based on their proportional share of tax proceeds that would have been collected without the abatement.

• Exempts industrial development boards or authorities whose board members are appointed by the affected county commission and one or more municipalities located within the county from the division requirement.

• Applies to payments, contributions, or financial or in-kind awards received from private users, related parties, or other entities in connection with granting tax abatements on county or municipal taxes.

• Becomes effective on the first day of the third month following passage and approval by the Governor.