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AL SB350
Bill
Status
3/15/2016
Primary Sponsor
Hank Sanders
Click for details
AI Summary
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Amends Section 40-10-121, Code of Alabama 1975, to modify interest calculations for property redemptions from tax sales.
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Changes interest requirement so that parties redeeming property sold to the state for unpaid taxes pay interest only on taxes due at the time of default, rather than on all subsequent taxes found to be due since the sale date.
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Removes the 12 percent interest rate previously applied to all taxes accrued since the sale date, limiting interest to only the amount of actual taxes due at default.
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Becomes effective October 1, 2016, for actions related to taxes delinquent on or after January 1, 2017.
Legislative Description
Taxation, sale of land for unpaid tax interest on tax, abolished, Sec. 40-10-121 am'd.
Taxation
Last Action
Read for the first time and referred to the Senate committee on Fiscal Responsibility and Economic Development
3/15/2016