SB262 Alabama 2014 Session

Updated Feb 27, 2026

Notable

Summary

Primary Sponsor: Shadrack McGill
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: SB262 would exempt small personal tangible assets from Alabama's ad valorem tax if their original cost is $250 or less.
What This Bill Does
The bill would add an exemption to ad valorem taxation for individual tangible assets (not including real property) with an original acquisition cost of $250 or less. The exemption applies only to assets owned by individuals and not to real estate or property owned by organizations. The exemption would take effect immediately after the Governor approves the bill.

Who It Affects
Individuals who own small personal tangible assets with an original cost of $250 or less would no longer owe ad valorem tax on those items.
Real property owners and organizations would not be affected by this exemption, since it excludes real property and applies only to individual assets.

Key Provisions
Amends Section 40-9-1 to exempt all individual tangible taxable assets, excluding real property, with an original acquisition cost of $250 or less from ad valorem taxation.
Defines 'original acquisition cost' as the amount paid by the current owner to acquire the tangible taxable asset.
The act becomes effective immediately following its passage and approval by the Governor.

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