Status

February 28 2013 – Read for the first time and referred to the Senate committee on Fiscal Responsibility and Accountability
Pending: Senate Fiscal Responsibility and Accountability Committee
Text: Latest bill text (Introduced) [PDF]

Summary

SB 281: Each year, the Alabama Department of Revenue updates its composite factor tables, which are essentially depreciation tables for business personal property tax purposes. Because the Department’s tables prevent business personal property from ever being fully depreciated and therefore exempt from property tax, equipment and other business personal property in Alabama often continues to be taxed until it’s disposed of, even though the property’s useful life may have expired long ago. This bill would require the Department to recalculate the composite factors used to determine the assessed value of business personal property so the factor will reach a value of zero in the year immediately following the last year for which a reduction in the composite factor is shown.

Sponsors

Sen McGill Sen Sanford Sen Pittman Sen Brewbaker
Sen Beason Sen Glover Sen Fielding

History

Date Chamber Action
2013-02-28 Senate Read for the first time and referred to the Senate committee on Fiscal Responsibility and Accountability
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