SB297 Alabama 2016 Session

Sponsors

Session

Regular Session 2016

Title

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

Description

<p class="bill_description"> 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</p><p class="bill_description"> 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</p><p class="bill_entitled_an_act"> Proposing an amendment to the Constitution of Alabama of 1901, as amended, to give any municipality or county, or governing body thereof, that has established a tax increment district within a Major 21st Century Manufacturing Zone the sole discretion to determine the amount and type of consideration to be received by such municipality or county for the redevelopment, rehabilitation, or conservation of property disposed of to or for the benefit of private interest with funds collected from such tax increment district and without regard to Sections 93 and 94 of the Constitution of Alabama of 1901, as amended, and to validate and confirm the Major 21st Century Manufacturing Zone Act. </p>

Subjects

Constitutional Amendments