SB470 Alabama 2012 Session

Summary

Primary Sponsor

Arthur Orr Senator

Republican

Co-Sponsors

Bill HoltzclawClay Scofield

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

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.

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.

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.

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Subjects

Economic Development