HB481 Summary

• Expands the definition of "blighted or economically distressed area" to include five specific categories of conditions that justify tax increment district creation, with judicial review limited to cases showing fraud, corruption, or undue influence.

• Allows redevelopment or revitalization projects to continue through creation of a subsequent tax increment district after an existing district expires, while retaining the original tax increment base rather than recalculating it.

• Extends the maximum duration of tax increment districts from 30 years to 35 years for districts where at least 50 percent of real property is an enhanced use lease area or Major 21st Century Manufacturing Zone.

• Modifies provisions allowing taxing authorities to make optional payments into tax increment funds and extends the period requiring such payments from three years to five years after district creation.

• Makes nonsubstantive technical revisions to update code language to current style throughout Alabama Code Sections 11-99-2, 11-99-4, 11-99-5, 11-99-6, 11-99-8, and 11-99-10.