AL SB275

Exempts all grain bin structures and their component parts from ad valorem taxation when used exclusively for storing, holding, drying, preserving, or preparing grain for market.

Defines "grain bin" as a structure and its component parts, with grain defined according to Section 2-31-1.

Amends Section 40-9-1 of the Code of Alabama 1975 to add grain bins as a new category of exempt property.

Becomes effective immediately upon passage and approval by the Governor or upon otherwise becoming law.