AL HB374

Exempts the Community Foundation of Greater Birmingham from all state, county, and municipal sales and use taxes.

Requires the foundation to file annual informational reports with the Department of Revenue using the same format as required under Section 40-9-61, Code of Alabama 1975.

Requires the Department of Revenue to provide the foundation's annual reports to the Legislative Services Agency, Fiscal Division, with information exempt from confidentiality restrictions.

Tax exemption is effective January 1, 2021 for the 2021 tax year and continues through the 2025 tax year, unless extended by legislative action.

Act becomes effective on the first day of the third month following its passage and approval by the Governor.