SB152 Alabama 2011 Session

Under existing law, certain incentives may be offered to companies that locate a new business or expand an existing business in this state

This bill would provide an exemption from noneducational property tax with respect to expansion or location projects undertaken by small businesses to be located in the state

This bill would provide that the exemption would be available for five years from the commencement of the expansion or relocation

This bill would provide that the property entitled to the noneducational property tax exemption would be reappraised at its current value if it is sold by the entity that is granted an exemption or at the end of the five-year period

This bill would provide that each entity with respect to a project would be entitled to receive the exemption upon the filing by the investing company of a statement of intent to claim the exemption with the Department of Revenue

To provide an exemption from noneducational property tax with respect to the expansion or relocation projects undertaken by small businesses; to provide that the exemption would be available for five years from the commencement of the project; to provide that the property subject to the noneducational property tax would be reappraised at its current value if it is sold by the entity that is granted an exemption or at the end of five years; and to provide that each entity with respect to a project would be entitled to receive the exemption upon the filing by the investing company of a statement of intent to claim the exemption with the Department of Revenue.