HB362 Alabama 2018 Session

Sponsors

Session

Regular Session 2018

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 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 unless the county opts out. The amount of reimbursement would be the amount as if the property was taxed at current use value of the property as forest property with good productivity. The bill would also provide that if funding for the Forever Wild Land Trust is not continued after September 30, 2032, the Forever Wild Land Stewardship Account would receive up to $1,000,000 from the Alabama Trust Fund annually</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 ad valorem tax revenue lost for the previous tax year as a result of property previously subject to ad valorem tax being acquired by the Forever Wild Land Trust; 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 unless the county opts out; and to provide additional funds to the Alabama Forever Wild Land Stewardship Fund if funding for the Forever Wild Land Trust is not continued. </p>

Subjects

Constitutional Amendments