The Alabama Reinvestment and Abatements Act would create incentives to encourage capital reinvestment by businesses in Alabama into their current operations, and would grant additional authority to abate noneducational ad valorem taxes.
The bill would create reinvestment incentives to help ensure that companies currently operating in Alabama would not close or move. For certain properties that are refurbished, upgraded, or placed back in service, abatements of certain construction related transaction taxes and certain noneducational ad valorem taxes would be available, companies could receive a rebate of incremental increases in utility taxes, and AIDT worker training would be available.
The bill would also allow for abatements of state ad valorem taxes and local noneducational property taxes to be granted for up to 20 years, an additional 10 years over current state law.
Businesses or business activities eligible to receive abatements would also be amended to reflect consistency with other incentive programs authorized by state law.
Delivered to Governor at 1:11 p.m. on March 19, 2015.
Assigned Act No. 2015-24.
Clerk of the House Certification
Signature Requested
Enrolled
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 196
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the Senate committee on Fiscal Responsibility and Economic Development
Engrossed
Cosponsors Added
Motion to Read a Third Time and Pass adopted Roll Call 23
Motion to Adopt adopted Roll Call 22
Lee 1st Amendment Offered
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Economic Development and Tourism
Source: Alabama Legislature