SB470 Alabama 2012 Session
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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 10, 2012 | Pending third reading on day 30 Favorable from Ways and Means General Fund | |
| May 10, 2012 | Read for the second time and placed on the calendar | |
| April 19, 2012 | Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund | |
| April 19, 2012 | Engrossed | |
| April 19, 2012 | Motion to Read a Third Time and Pass adopted Roll Call 704 | |
| April 19, 2012 | Orr motion to Adopt adopted Roll Call 703 | |
| April 19, 2012 | Finance and Taxation General Fund Amendment Offered | |
| April 19, 2012 | Third Reading Passed | |
| April 12, 2012 | Read for the second time and placed on the calendar 1 amendment | |
| April 5, 2012 | Read for the first time and referred to the Senate committee on Finance and Taxation General Fund |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB470 Alabama 2012 Session - Introduced |
| Bill Text | SB470 Alabama 2012 Session - Engrossed |