SB329 Summary

• Redistributes coal severance tax proceeds from the Marion County Community Development Association, Inc. to the Northwest Alabama Economic and Community Alliance beginning in fiscal year 2019-2020.

• Extends the termination date of the coal excise and privilege tax from October 1, 2021 to October 1, 2033, unless extended by future legislative action.

• Maintains existing distribution formulas for coal severance tax proceeds to counties, the Alabama State Docks Department, Alabama Mining Academy, and various economic development associations based on tonnage produced.

• Ensures Jefferson County receives a guaranteed $500,000 distribution from remaining funds after primary allocations, with any shortfall drawn from the general fund allocation.

• Requires all foundations and associations receiving coal severance tax funds to submit annual audits by the Examiners of Public Accounts to the Legislature.