Section 10A-NEW - Exemption of corridor from taxation(a) Each corridor shall be exempt from all fees and charges imposed by any judge of probate.(b) The income of any corridor, all financial obligations of a corridor, the income and interest from the financial obligations, conveyances by or to a research and development corridor, and leases, mortgages, and deeds of trust or trust indentures by or to a corridor, shall be exempt from all taxation in the state.(c) An authorizing subdivision may elect by a majority vote of the members of its governing body to exempt the corridor and its real and tangible property from the payment of eligible taxes. The exemptions authorized in this subsection may be granted in the subdivision's authorizing resolution or by subsequent resolution, upon compliance with public notice requirements. Such resolutions may provide for limitations on and eligibility for exemptions from the payment of eligible taxes.(d)(1) Except as provided in subdivision (2), upon compliance with public notice requirements, a governing body of a public entity other than an authorizing subdivision may elect by a majority vote of the members of the governing body to exempt the corridor and its real and tangible property from the payment of any taxes levied by the public entity within the geographical boundaries of the corridor. Such resolutions may provide for limitations on and eligibility for exemptions from the payment of taxes.(2) Notwithstanding subdivision (1), the exemptions authorized by this subsection shall not apply to the following:a. Taxes levied for public school purposes.b. Incremental ad valorem taxes levied within a tax increment district and required by state law to be paid to such tax increment district.c. Real or personal property to the extent the property is or will be treated as owned for federal income tax purposes by a corporate person or natural person.(e) The corridor shall be exempt from the state's portion of taxes levied by the state of Alabama.Ala. Code § 10A-NEW (1975)
Added by Act 2024-308,§ 12, eff. 5/9/2024.