HB78 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.

• Directs the Alabama Trust Fund to make additional payments to the Forever Wild Land Trust exclusively for compensating Coosa County, effective for tax years following ratification.

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

• Makes these tax reimbursement payments the first priority for payment by the Forever Wild Land Trust, provided no existing contract obligations are impaired.

• Requires a public election on the proposed amendment to be held in accordance with Alabama Constitution Sections 284 and 284.01.