HB530 Alabama 2015 Session

Summary

Primary Sponsor

Anthony Daniels Representative

Democrat

Session

Regular Session 2015

Title

Tax increment districts, provide that compensation may be determined soley by local governing body if a district is within a Major 21st Century Manufacturing Zone

Description

Under Amendment No. 475 of the Constitution of Alabama of 1901, now appearing as Section 94.02 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, the Legislature may enact legislation permitting municipalities and counties to form tax increment districts for, among other purposes, the redevelopment, rehabilitation, or conservation of property that may be disposed of to or for the benefit of private interest for compensation established by the governing body of the county or municipality and not less than the fair market value thereof determined by independent appraisal of the property.

This bill would propose an amendment to provide that, rather than being a minimum of fair market value, the compensation may be determined in the sole discretion of the governing body of the county or municipality, as the case may be, that established the tax increment district and, if a tax increment district is within a Major 21st Century Manufacturing Zone, to do so without regard to Sections 93 and 94 of the Constitution of Alabama of 1901, as amended, prohibiting giving or lending the credit of the state or local entities.

The amendment would repeal and replace Amendment 475 and specifically preserve any tax increment districts created by Amendment 475 and validate and confirm all actions taken by counties and municipalities acting pursuant to the amendment.

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Subjects

Constitutional Amendments