HB400 Summary

• Amends Section 40-9-1 of the Code of Alabama 1975 to add grain bins to the list of property exempt from ad valorem taxation.

• Defines "grain bin" as a structure and its component parts used exclusively for storing, holding, drying, preserving, or otherwise preparing grain for market, as defined in Section 2-31-1.

• Exemption applies only to grain bins used exclusively for grain preparation purposes; does not apply to other agricultural structures or equipment.

• Became effective immediately upon passage and approval by the Governor, with House passage on March 10, 2022 and Senate passage on April 6, 2022.