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AL SB98
Bill
AI Summary
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County governing bodies may grant abatements of all or part of rollback ad valorem taxes under Section 40-7-25.3 for property located within the county.
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Abatements are only available if the property qualifies as a qualifying project under the Alabama Jobs Act with anticipated capital expenditures of at least $100,000,000 and job creation meeting specified thresholds.
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Municipal consent by resolution is required if the property is located within a municipality's corporate limits.
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Abatement agreements must be filed with the Department of Revenue within 90 days and kept confidential unless the property owner or user consents to disclosure.
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The act becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Ad valorem taxes, co. commission authorized to abate taxes for Class III property taxed at current use when converted to other taxable use for projects under Ala. Jobs Act, consent of municipality if in corporate limits, Sec. 40-7-25.4 added
Ad Valorem Tax
Last Action
Assigned Act No. 2018-53.
1/30/2018