HB 173

To provide the authority to counties to abate rollback ad valorem taxes for certain projects that qualify for the incentives under the Alabama Jobs Act

To provide the authority to counties to abate rollback ad valorem taxes for certain projects that qualify for the incentives under the Alabama Jobs Act.

Section 1

The following new section is added to the Code of Alabama, 1975 to read as follows: § 40-7-25.4 (a) The governing body of a county may, in its discretion, grant an abatement of all or a portion of the taxes otherwise due under Section 40-7-25.3 with respect to property located within the county. (b) The abatement provided by subsection (a) may only be granted if all of the following are satisfied: (1) The property will be used for a qualifying project as defined in Section 40-18-372 (1); (2) The qualifying project shall create at least the number of new jobs specified in Section 40-18-372 (2); (3) The property is an area within which not less than one hundred million dollars ($100,000,000) of capital expenditures in connection with the establishment, expansion, construction, equipping, development, or rehabilitation of such qualifying project is anticipated to be made based upon representations and information provided by the anticipated user or users of the qualifying project and such other information as the county shall have available to it and deems appropriate; and (4) If the property is located within a municipality, the abatement shall be consented to by resolution of the governing body of such municipality. (c) The abatement granted by a county pursuant to this section shall be embodied in an agreement between the county and the owner or user of the property. The agreement described in the preceding sentence shall be filed with the Department of Revenue within 90 days after the granting of the abatement, the contents of which the Department of Revenue shall use solely for its statistical and recordkeeping activities but shall otherwise keep confidential unless consented to in writing by the owner or user of the property.

Section 2

The provisions of this act are severable. If any part of this act is declared invalid or unconstitutional, the declaration shall not affect the part which remains.

Section 3

This act shall become effective immediately following its passage and approval by the Governor, or its otherwise becoming law.