Supplement: AL SB89 | 2021 | Regular Session | SB89 for Finance and Taxation Education
Bill Title: TWG 2021 Birmingham Foundation, exempt from state, county, and municipal sales and use tax, license and ad valorem taxes, Sec. 40-9-26.2 added
Status: 2021-04-01 - Assigned Act No. 2021-170. [SB89 Detail]
Download: Alabama-2021-SB89-SB89_for_Finance_and_Taxation_Education.html
| Committee: Finance and Taxation Education | Sponsor: Smitherman |
| Analyst: Jessica Perez | Date: 02/03/2021 |
FISCAL NOTE
Senate Bill 89 as introduced would exempt TWG 2021 Birmingham Foundation from the payment and collection of all state, county, and municipal sales and use taxes which would decrease receipts to the Education Trust Fund (ETF) and county and municipal funds by the following estimated amounts:
| Education Trust Fund | $740,000 |
| County Funds | $185,000 |
| Municipal Funds | $740,000 |
| Total | $1,665,000 |
Further, this bill would also exempt TWG 2021 Birmingham Foundation from the payment and collection of all state, county, and municipal Ad valorem taxes, which would decrease receipts to the State General Fund, Public School Fund, Veterans Assistance Fund, and county and municipal funds by an estimated $120,000. Additionally, this bill specifically exempts any taxes with respect to the purchase or use of property, the gross proceeds from the sale or use of property by TWG 2021 Birmingham Foundation, which would further decrease receipts to the State General Fund, Veterans Assistance Fund, and county and municipal funds by an undetermined amount, depending upon: (1) the future value of property obtained by TWG 2021 Birmingham Foundation; and (2) the amount of land used by TWG 2021 Birmingham Foundation.
Additionally, this bill would exempt TWG 2021 Birmingham Foundation from any licenses tax, which would decrease receipts to the State General Fund and county funds by an estimated $10,000 dependent upon the number of licenses required to be filed by the Foundation.
All exemptions provided in this bill expire on December 31,2023.
| Arthur Orr, Chairperson Finance and Taxation Education |
