HB502 Alabama 2017 Session

Sponsors

Session

Regular Session 2017

Title

Forever Wild Land Trust, ad valorem tax revenue lost on property acquired, reimbursement payments from trust to all entities previously receiving tax revenue, const. amend.

Description

<p class="bill_description"> Under existing law, property that has been acquired by the Forever Wild Land Trust is not subject to ad valorem taxation</p><p class="bill_description"> This bill proposes a constitutional amendment that would require the Forever Wild Land Trust to annually reimburse the amount of any ad valorem tax revenue lost as a result of property previously subject to ad valorem tax being acquired by the Forever Wild Land Trust, which monies shall be paid to the county tax official in each county where the property has been acquired and distributed as other ad valorem tax proceeds</p><p class="bill_entitled_an_act"> Proposing an amendment to the Constitution of Alabama of 1901, to require the Forever Wild Land Trust to annually reimburse the amount of any ad valorem tax revenue lost as a result of property previously subject to ad valorem tax being acquired by the Forever Wild Land Trust; and to provide that reimbursed monies shall be paid to the county tax official in each county where the property has been acquired and distributed as other ad valorem tax proceeds. </p>

Subjects

Constitutional Amendments