HB396 Summary

• Amends Section 11-54-101, Code of Alabama 1975, to authorize industrial development boards in Class 1 municipalities to charge administrative fees to applicants granted tax abatements under Title 40.

• Administrative fee capped at 0.0025% (one-fourth of one percent) of the total estimated project investment, up to a maximum of $40,000,000 in estimated investment.

• Fee revenue must be retained and used by the board for economic/industrial development data mining, data-driven development projects, location and development of industrial sites or parks, and other authorized industrial development purposes.

• Applies only to Class 1 municipalities where industrial development board directors are elected by the governing body that grants the tax abatement.

• Became effective immediately upon passage and approval by the Governor.