SB85 Alabama 2016 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2016
Title
Ad valorem taxes, removal of levy of for certain landowners receiving economic incentives, counties and municipalities authorized to waive, Sec. 40-7-25.3 am'd.
Description
<p class="bill_description"> Under existing law, if a Class III property
qualified for assessment based on its current use
value is sold or disposed of and is converted
within two years to a property no longer qualified
for assessment based on its current use value, a
tax assessor is to compute additional ad valorem
taxes for the three preceding ad valorem tax years
upon conversion using either the sales price or the
fair and reasonable market value, whichever is
greater</p><p class="bill_description">
This bill would remove the levy of the
additional state ad valorem taxes computed for the
three preceding ad valorem tax years upon
conversion on landowners receiving economic
incentives granted by the state and authorized
through a state project agreement or state
contract</p><p class="bill_description">
This bill would allow any county or
municipal governments, by election of the
respective county or municipality, to also waive
the levy of the additional local ad valorem taxes
computed for the three preceding ad valorem tax
years upon conversion on landowners receiving
economic incentives granted by the state and
authorized through a state project agreement or
state contract</p><p class="bill_entitled_an_act"> To amend Section 40-7-25.3 of the Code of Alabama,
1975; regarding exempting certain landowners from the
additional state ad valorem property taxes assessed after a
Class III property qualified for assessment based on its
current use value is converted and is no longer qualified for
such value assessment; and allowing county and municipal
governments, upon election, to exempt certain landowners from
the additional local ad valorem taxes assessed after a Class
III property qualified for assessment based on its current use
value is converted and is no longer qualified for such value
assessment.
</p>
Subjects
Taxation
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| February 2, 2016 | S | Read for the first time and referred to the Senate committee on Finance and Taxation General Fund |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB85 Alabama 2016 Session - Introduced |