HB481 Alabama 2022 Session

Sponsors

Session

Regular Session 2022

Title

Tax increment districts, redevelopment projects authorizes to continue through a subsequent tax increment district, Secs. 11-99-2, 11-99-4, 11-99-5, 11-99-6, 11-99-8, 11-99-10 am'd.

Description

<p class="bill_description"> Under existing law, tax increment financing is an economic development mechanism that allows local governments to designate a portion of the county or municipality as a tax increment district and apply certain property tax revenues above a baseline established when the tax increment district was established, to redevelop or revitalize the area until the tax increment district expires after 30 years of existence</p><p class="bill_description"> This bill would provide further for what constitutes a blighted or economically distressed area for purposes of establishing a tax increment district</p><p class="bill_description"> This bill would allow the redevelopment or revitalization project to continue through the creation of a subsequent tax increment district after expiration of the existing district, but retain the original baseline</p><p class="bill_description"> This bill would also make nonsubstantive, technical revisions to update the existing code language to current style</p><p class="bill_entitled_an_act"> To amend Sections 11-99-2, 11-99-4, 11-99-5, 11-99-6, 11-99-8 and 11-99-10, Code of Alabama 1975; relating to tax increment districts; to provide further for the projects in a tax increment district and the project costs therefor; to provide further for the determination of the tax increment base for a tax increment district; to provide further for the collection, payment, and use of tax increments; and to make nonsubstantive, technical revisions to update the existing code language to current style. </p>

Subjects

Taxation