HB481 Alabama 2022 Session

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

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.