HB514 Alabama 2010 Session

Summary

Primary Sponsor

Patricia Todd

Democrat

Session

Regular Session 2010

Title

Economic Development and Fiscal Accountability Act, Revenue Department to report to Legislature regarding yearly economic development expenditures, economic development subsidies through Economic and Community Affairs Department, defaults on development subsidies, civil actions

Description

This bill would require the Department of Revenue to submit annual reports to the Legislature outlining yearly expenditures for economic development. This bill would also require each property-taxing entity to report annually to the Department of Revenue any real property in the entity that received a property tax abatement or reduction provided by the state, including the amount of state property tax revenue not paid to the taxing entity as a result of the reduction or abatement.

This bill would allow an entity to apply for economic development subsidies through the Department of Economic and Community Affairs and would require entities that receive grants to file progress reports with the Department of Economic and Community Affairs. This bill would provide punishment for entities that default on a development subsidy and would allow citizens to bring civil actions.

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Subjects

Economic Development