HB157 Alabama 2014 Session

Summary

Primary Sponsor

Wes Long

Republican

Session

Regular Session 2014

Title

Taxation, exempt tangible assets, exempt real property whose original acquisition cost was less than $250.00, Sec. 40-9-1 am'd.

Summary

HB157 would exempt all small personal property from Alabama ad valorem taxes if its original purchase cost is $250 or less.

What This Bill Does

The bill amends Section 40-9-1 to add a new exemption: any individual tangible taxable asset (not real property) with an original acquisition cost of $250 or less would be exempt from ad valorem taxation. The exemption is defined by the amount actually paid by the current owner to acquire the asset. The act defines the exemption as effective October 1, 2013.

Who It Affects

• Households and individuals who own qualifying small personal property would stop paying ad valorem tax on those assets (costs $250 or less).
• Local governments (counties and municipalities) could see reduced ad valorem tax revenue from the exempted assets.

Key Provisions

• Exempts all individual tangible taxable assets (excluding real property) with an original acquisition cost of $250 or less from ad valorem taxation.
• Original acquisition cost is defined as the amount paid by the current owner to acquire the asset.
• Effective date of the exemption is October 1, 2013.
• This amendment modifies Section 40-9-1 of the Alabama Code.

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Taxation