SB85 Alabama 2016 Session

Updated Jul 24, 2021

Senate Bill

In Committee

Current Status

Regular Session 2016

Session

1

Sponsor

Summary

Primary Sponsor: Arthur Orr Senator
Republican
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: 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.
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.
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.
Subjects: Taxation

Read for the first time and referred to the Senate committee on Finance and Taxation General Fund