HB481 Alabama 2022 Session

Summary

Primary Sponsor

Rod Scott

Democrat

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

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.

This bill would provide further for what constitutes a blighted or economically distressed area for purposes of establishing a tax increment district.

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.

This bill would also make nonsubstantive, technical revisions to update the existing code language to current style.

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Subjects

Taxation