Bill > HB407

This bill modifies Alabama law regarding local redevelopment authorities, specifically expanding their powers and introducing new reporting requirements. The bill updates Section 11-92C-8 to allow local redevelopment authorities to receive payments in lieu of taxes (PILOTs), explicitly including transient occupancy taxes alongside existing tax types like ad valorem and sales taxes. The authorities are now empowered to enter into agreements requiring private users to make these payments and can enforce collection similar to tax assessors. Additionally, the bill mandates that these authorities must annually report any payments received through these mechanisms to the Alabama Department of Revenue, which will then compile and publish an annual summary on its website. The Department of Revenue is also granted the ability to adopt rules for implementing these new provisions. The changes are designed to provide local redevelopment authorities with more financial flexibility and transparency in managing economic development projects, particularly those related to military installations or local redevelopment areas. The bill will take effect on October 1, 2025, giving authorities and the Department of Revenue time to prepare for the new reporting requirements.

Government Affairs

https://alison.legislature.state.al.us/bill-search