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AL SB96
Bill
Status
2/2/2016
Primary Sponsor
Dick Brewbaker
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AI Summary
SB96 Summary
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Amends Section 40-9B-5, Code of Alabama 1975, to establish requirements for municipalities and municipal public industrial authorities to abate county taxes for economic development purposes.
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Requires that a municipality or municipal public industrial authority may abate county taxes only if the municipality has also abated the corresponding municipal tax.
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Limits county tax abatements to the same rate of taxation as the corresponding municipal tax abatement, preventing county tax abatement rates from exceeding municipal rates.
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Applies the same dual requirements to public industrial authorities, requiring both municipal tax abatement and rate parity before county tax abatement can be granted.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Economic development, tax abatement by a municipality or municipal public authority, abatement of county taxes, corresponding municipal tax required to be abated and at same rate, Sec. 40-9B-5 am'd.
Taxation
Last Action
Read for the first time and referred to the Senate committee on Fiscal Responsibility and Economic Development
2/2/2016