The bill amends Section 11-92C-8 of the Code of Alabama 1975, enhancing the powers of local redevelopment authorities by allowing them to require payments in lieu of taxes specifically for transient occupancy taxes, in addition to existing provisions for ad valorem, sales, and use taxes. It mandates that these authorities report such payments to the Department of Revenue and grants them the authority to enforce compliance with these payments akin to a tax assessor or collector. The bill also removes references to income taxes from the current law, thereby streamlining the types of taxes that can be addressed through payments in lieu of taxes, ultimately aiming to bolster the financial mechanisms available to local redevelopment authorities for local development and revitalization projects.

Additionally, the bill introduces amendments to Section 11-92C-2, allowing authorities to enter into agreements with private users, pursue tax liens for unpaid payments, and manage various projects through property acquisition and operation. It modifies the language regarding the appointment of officers and employees, expanding the scope of professionals that authorities can engage. The bill requires that all projects be located within the local redevelopment area and mandates annual reporting of certain payments to the Department of Revenue. Furthermore, it stipulates that the Department will publish a summary of payments received by authorities on its website each year and grants the Department the authority to adopt rules for the act's implementation, which is set to take effect on October 1, 2025.

Statutes affected:
Introduced: 11-92C-8
Enrolled: 11-92C-8