SB359 Summary

• Authorizes the Etowah County Commission to impose an additional administrative late payment penalty of up to $2 per day, not exceeding $300 total, on late county ad valorem tax payments.

• Penalty applies only to the county portion of ad valorem taxes and does not apply to state or other local ad valorem taxes.

• Distributes penalty revenue as follows: 12.5% to the Etowah County Revenue Commissioner's Special Fund for office expenses; 40% to the County Commission for the Little Canoe Creek Megasite development for 12 years; and 47.5% to the County Commission for road and bridge maintenance, replacement, and construction.

• After 12 years or if the Little Canoe Creek Megasite is sold, leased, or placed under a state project agreement, the 40% allocation may be redirected to other industrial recruitment and economic development projects.

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