AL HB243

Unabates 1.0 mill of the state's noneducational ad valorem taxes during exemption periods for abated properties; local tax officials collect and remit these amounts to the State Comptroller for deposit into the Alabama Development Fund.

Unabates three-quarters of one percent of state construction-related transaction taxes on private use industrial property; Department of Revenue collects and deposits these funds directly into the Alabama Development Fund.

Creates the Alabama Development Fund administered by the Department of Commerce to receive tax revenues and other appropriated funds for economic development purposes; unexpended amounts carry forward each fiscal year rather than reverting to the State Treasury.

Requires Department of Revenue to share abatement applications, resolutions, and agreements with Department of Commerce for economic development planning and program evaluation while maintaining taxpayer confidentiality under existing law.

Applies prospectively to new abatements granted on or after June 1, 2026; does not affect abatement agreements granted prior to June 1, 2026.