AL HB523

Requires municipalities, counties, and public industrial authorities that grant tax abatements to submit annual reports to the Legislature starting no later than the second legislative day of the 2017 Regular Session.

Reports must assess each abatement based on whether it met its intended purpose, achieved a positive return on investment through direct and indirect local tax revenue impacts, and produced intended or unintended economic effects.

Protects proprietary, trade secret, and taxpayer record confidentiality and does not require disclosure of such information in the reports.

Authorizes governmental bodies to request necessary information from state and local agencies, officials, and the Alabama Department of Revenue to complete required reports, with mandatory compliance.

Directs the Department of Revenue to develop a standardized report format for all governmental bodies and provide tax information necessary to complete abatement assessments.