HB629 Alabama 2012 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2012
Title
Economic Development, tax increment district, Major 21st Century Manufacturing Zone authorized in Class 3 municipalities, development of distressed areas, tax credit required, Secs. 11-99-1, 11-99-2, 11-99-4, 11-99-5, 11-99-6, 11-99-8, 11-99-10 am'd
Description
<p class="bill_description"> Existing law provides for the creation of
tax increment districts by counties and
municipalities as a means of developing blighted
and economically distressed areas. Existing law
provides that development projects that locate in
the district receive certain tax incentives</p><p class="bill_description">
This bill would authorize a Class
municipality to designate certain real property as
a Major 21st Century Manufacturing Zone. This bill
would provide requirements to qualify as a zone and
provide that projects within the zone would make
tax increment payments for purposes of repaying tax
incentives</p><p class="bill_description">
This bill would provide that property within
the zone would be developed for certain
manufacturing purposes and would provide incentive
for certain manufacturing projects that commit to
develop or expand within the zone</p><p class="bill_entitled_an_act"> To provide for the designation by Class
municipalities of large contiguous tracts of underutilized
real property as Major 21st Century Manufacturing Zones for
certain manufacturing purposes; to provide capital,
infrastructure improvements, capital improvements to existing
facilities, and construction development of buildings and
structures suitable for use as part of or in connection with
certain manufacturing activities within the zone and in
certain appurtenant areas; to provide a method for the funding
of all or a portion of costs through tax increment financing
by cities and counties; and to amend Sections 11-99-1,
11-99-2, 11-99-4, 11-99-5, 11-99-6, 11-99-8, and 11-99-10,
Code of Alabama 1975, to authorize the provision of capital,
public infrastructure improvements, and capital improvements
to existing facilities; to authorize the provision of
buildings and structures.
</p>
Subjects
Economic Development
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| May 9, 2012 | Indefinitely Postponed | |
| April 12, 2012 | Pending third reading on day 20 Favorable from Economic Development and Tourism with 1 amendment | |
| April 12, 2012 | Read for the second time and placed on the calendar 1 amendment | |
| April 3, 2012 | Read for the first time and referred to the House of Representatives committee on Economic Development and Tourism |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB629 Alabama 2012 Session - Introduced |