HB490 Summary

• Proposes a constitutional amendment to reimburse Coosa County for lost ad valorem tax revenue resulting from property acquisitions by the Forever Wild Land Trust.

• Requires additional payments from the Alabama Trust Fund to the Forever Wild Land Trust, effective for tax years commencing after ratification.

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

• Designates these reimbursement payments as a first priority for payment by the Forever Wild Land Trust, except where doing so would impair existing contract obligations.

• Requires an election to be held in accordance with Section 284.01 of the Alabama Constitution and applicable state election laws, with ballot language describing the proposed amendment.