HB345 Alabama 2010 Session

Sponsors

Session

Regular Session 2010

Title

Counties and municipalities, development of blighted areas, tax increment districts, extended to enhanced use lease areas which are under utilized areas on military base leased by secretary of a military department, taxes on incremental increase in value of development paid to finance development, Enhanced Use Lease Area Act, Secs. 40-9E-1, 40-9E-2 added; Secs. 11-99-1, 11-99-2, 11-99-4, 11-99-5, 11-99-6, 11-99-10, 40-18-70 am'd.

Description

<p class="bill_description"> This bill would create the Enhanced Use Lease Area Act of 2010. This bill would make legislative findings and define terms. Enhanced use lease area property would be defined as property on a military installation which is underutilized and which is leased by the secretary of a military department pursuant to federal law. This bill would provide for the utilization of underutilized real and personal property located in enhanced use lease areas and funding the costs thereof through tax increment financing. This bill would entitle certain qualified property within a tax increment district in which not less than 50 percent, by area, of the real property within the tax increment district is an enhanced use lease area, to an abatement of state property taxes. This bill would provide that in lieu of paying state property taxes, the taxable owner of certain qualified property would make a payment to the public entity which created the tax increment district in which the qualified property is located which payment would be used to pay for project costs and to repay tax increment obligations issued to fund project costs. This bill would ensure that withholding amounts for wages paid to certain construction workers are reported and paid to the state. This bill would provide an effective date, including retroactive effect for certain districts created on or after January 1, 2010</p><p class="bill_entitled_an_act"> To create the Enhanced Use Lease Area Act of 2010; to amend Sections 11-99-1, 11-99-2, 11-99-4, 11-99-5, 11-99-6, 11-99-10, and 40-18-70, Code of Alabama 1975, and to add Chapter 9E to Title 40, Code of Alabama 1975; to make legislative findings and define terms; to provide for the utilization of underutilized real and personal property located in enhanced use lease areas and funding the costs thereof through tax increment financing; to entitle certain qualified property within a tax increment district in which not less than 50 percent, by area, of the real property within the tax increment district is an enhanced use lease area, to an abatement of state property taxes; to provide that in lieu of paying state property taxes, the taxable owner of certain qualified property must make a payment to the public entity which created the tax increment district in which the qualified property is located and that this payment to the public entity would be used to pay for project costs and to repay tax increment obligations issued to fund project costs; to ensure that withholding amounts for wages paid to certain construction workers are reported and paid to the state; and to provide an effective date, including retroactive effect for certain districts created on or after January 1, 2010. </p>

Subjects

Taxation