This bill amends Section 45-39-245.47 of the Code of Alabama 1975, specifically regarding the allocation of proceeds from sales and use taxes in Lauderdale County. The new language establishes that all proceeds from the authorized taxes, along with any income from their investment, must be deposited into a separate county fund. Beginning October 1, 2025, the governing body of the county is required to transfer and deposit the collected proceeds, after deducting collection costs and other lawful expenses, into specified allocations.

The bill outlines a new distribution framework for the proceeds, which includes three main allocations: (1) an amount equal to one-twelfth of the total contribution made by Colbert County to the Shoals Economic Development in the previous fiscal year; (2) 55% of the remaining amount to the Lauderdale County Commission for economic development purposes; and (3) 45% of the remaining amount to the City of Florence for its own economic development initiatives. The act is set to take effect on June 1, 2025.

Statutes affected:
Introduced: 45-39-245