SB262 Alabama 2014 Session

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Bill Summary

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.

Description

Under existing law, all individual tangible assets, not specifically exempt by law, are subject to ad valorem taxation.

This bill would exempt all individual tangible taxable assets with an original acquisition cost of $250 or less from ad valorem taxation.

To amend Section 40-9-1, Code of Alabama 1975, relating to the exemption of personal property from ad valorem taxation; to exempt all individual tangible taxable assets, excluding real property, with an original acquisition cost of $250 or less from ad valorem taxation.

Subjects

Taxation

Bill Actions

Action Date	Chamber	Action
April 2, 2014	H	Pending third reading on day 30 Favorable from Commerce and Small Business
April 2, 2014	H	Read for the second time and placed on the calendar
March 6, 2014	H	Read for the first time and referred to the House of Representatives committee on Commerce and Small Business
March 6, 2014	S	Engrossed
March 5, 2014	S	Motion to Read a Third Time and Pass adopted Roll Call 702
March 5, 2014	S	McGill motion to Adopt adopted Roll Call 701
March 5, 2014	S	McGill Amendment Offered
March 5, 2014	S	Third Reading Passed
February 25, 2014	S	Read for the second time and placed on the calendar
January 22, 2014	S	Read for the first time and referred to the Senate committee on Finance and Taxation General Fund