The bill proposes to exempt Precision Ocular from state sales and use taxes for a period from October 1, 2026, to September 30, 2031, unless further extended by the Legislature. Additionally, it allows counties and municipalities the option to exempt Precision Ocular from local sales and use taxes, contingent upon their approval in accordance with Section 40-23-4.01 of the Code of Alabama 1975.

The act is set to take effect on September 1, 2026, and includes new legal language that establishes the tax exemption for Precision Ocular while removing any existing obligations for the company to pay these taxes during the specified period. The bill has passed both the Senate and the House of Representatives.

Statutes affected:
Introduced: 40-23-4