AL HB362

Proposes constitutional amendment requiring the Forever Wild Land Trust to annually reimburse counties for ad valorem tax revenue lost when property previously subject to taxation is acquired by the trust.

Reimbursement payments begin the tax year following amendment ratification and only when the trust receives at least $10,000,000 annually; counties may opt out by voting before August 1 each year.

Reimbursement amount equals the ad valorem tax that would have been assessed based on current use value of property as forest with good productivity; county tax officials calculate and report amounts by October 1 each year.

Reimbursed funds are distributed by county tax officials to the same entities that would have received the ad valorem tax proceeds under state law.

If Forever Wild funding is not continued after September 30, 2032, the Forever Wild Land Stewardship Account receives up to $1,000,000 annually from the Alabama Trust Fund; timber sale proceeds from trust-acquired property also deposit into the stewardship account.