HB473 Summary

• Proposes a constitutional amendment to the Constitution of Alabama of 1901 regarding payments to the Forever Wild Land Trust.

• Requires additional payments from the Alabama Trust Fund to the Forever Wild Land Trust to reimburse counties for lost ad valorem tax revenue on property acquired by the Trust.

• Reimbursement amounts shall be based on ad valorem taxes paid on the property prior to its acquisition by the Forever Wild Land Trust.

• Payments to counties are designated as a first priority for the Forever Wild Land Trust, provided existing contract obligations are not impaired.

• Amendment becomes effective for the ad valorem tax year following ratification and is self-executing; requires voter approval by majority of qualified electors.