SB369 requires that Franklin County’s severance tax revenue be allocated exclusively to the Franklin County Development Authority for its economic development activities.
It amends Section 40-13-58 to direct Franklin County’s severance tax revenue to the Franklin County Development Authority for exclusive use in economic development. For other counties, revenue remains distributed to counties and municipalities with at least 75% used for county road systems and related infrastructure (including local economic development authorities, public transit, and bridges, and reclamation of lands where natural materials have been severed) and 25% allocated to municipalities within the county for projects within their limits. The act keeps current limits on administrative costs (not more than 1.5% of quarterly revenues) and the quarterly remittance process. It becomes effective immediately upon the governor’s approval.
Pending third reading on day 28 Favorable from Ways and Means General Fund
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund
Motion to Read a Third Time and Pass adopted Roll Call 835
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the Senate committee on Finance and Taxation General Fund
Source: Alabama Legislature