Tax increment districts, Major 21st Century Manufacturing Zone allowed to be located within a tax increment district without regard to size of district and further provides for use of ad valorem tax revenues collected within a district
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Progress
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- Introduced
- Passed House
- Passed Senate
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- Became Law
Overview
This bill modifies Alabama’s tax increment financing (TIF) laws to allow a Major 21st Century Manufacturing Zone to be located within a tax increment district without regard to the district’s size. It also permits the use of ad valorem tax revenues collected within a district to reimburse public entities for land acquisition costs related to the Manufacturing Zone. The bill includes technical updates to existing code language to ensure clarity and consistency.
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