Under Amendment 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, if a tax increment district is within a Major 21st Century Manufacturing Zone, 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, further, 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 validate and confirm the Major 21st Century Manufacturing Zone Act.
Forwarded to Secretary of State on May 3, 2016 at 8:42 p.m.
Clerk of the House Certification
Assigned Act No. 2016-267.
Enrolled
Signature Requested
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 915
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 Finance and Taxation Education
Engrossed
Motion to Read a Third Time and Pass adopted Roll Call 565
Motion to Adopt adopted Roll Call 564
Economic Development and Tourism Amendment Offered
Third Reading Passed
Read for the second time and placed on the calendar 1 amendment
Read for the first time and referred to the House of Representatives committee on Economic Development and Tourism
Source: Alabama Legislature