Section 40-9B-1 – Short Title.

Section 40-9B-1 Short title. This chapter shall be known and may be cited as the “Tax Incentive Reform Act of 1992.” (Acts 1992, No. 92-599, p. 1239, §1.)

Section 40-9B-10 – Applicability to Certain Trades or Businesses Engaged in Postharvest Processing of Peanuts.

Section 40-9B-10 Applicability to certain trades or businesses engaged in postharvest processing of peanuts. Beginning April 1, 2003, a trade or business in counties with populations under 30,000 engaged in the postharvest processing of peanuts described in the 1987 Standard Industrial Classification Manual, or its successor, shall constitute an industrial or research enterprise for only […]

Section 40-9B-11 – Exemption Period for Qualified Industrial or Research Enterprises.

Section 40-9B-11 Exemption period for qualified industrial or research enterprises. (a) Effective October 1, 2011, the maximum exemption period for a qualifying industrial or research enterprise described in paragraph e. of subdivision (10) of subsection (a) of Section 40-9B-3, which is owned by a utility described in Section 37-4-1(7)a., shall be 10 years applied as […]

Section 40-9B-12 – Availability of Abatements After December 31, 2018.

Section 40-9B-12 Availability of abatements after December 31, 2018. The tax abatements and abatements of payments in lieu of taxes authorized by the amendments to Sections 40-9B-3, 40-9B-4, and 40-9B-11 by Act 2008-275 shall not be available for new industrial or research enterprises described in Section 40-9B-3(a)(10)e. after December 31, 2018, unless the Legislature votes […]

Section 40-9B-13 – Disaster Recovery Tax Incentive Protection.

Section 40-9B-13 Disaster recovery tax incentive protection. (a) This section shall be known as the Disaster Recovery Tax Incentive Protection Act of 2011. (b) For the purposes of this section, the following terms shall have the following meanings: (1) DISASTER REPLACEMENT PROPERTY. Private use industrial property obtained by a private user to repair or replace […]

Section 40-9B-2 – Legislative Findings.

Section 40-9B-2 Legislative findings. The Legislature recognizes the importance of industrial development to the well being of the people of the state. The Legislature also recognizes that industries are attracted by a number of factors, including natural resources, a well-trained workforce, good roads, and excellent education. The Legislature also recognizes that in some cases additional […]

Section 40-9B-3 – Definitions.

Section 40-9B-3 Definitions. (a) For purposes of this chapter, the following words and phrases mean: (1) ABATE, ABATEMENT. A reduction or elimination of a taxpayer’s liability for tax or payments required to be made in lieu thereof. An abatement of transaction taxes imposed under Chapter 23 of this title, or payments required to be made […]

Section 40-9B-4 – Authorization of Abatement.

Section 40-9B-4 Authorization of abatement. (a) Noneducational ad valorem taxes, construction related transaction taxes, except those local construction related transaction taxes levied for educational purposes or for capital improvements for education, and mortgage and recording taxes, or payments required to be made in lieu thereof, and in the case of a qualifying industrial or research […]

Section 40-9B-4.1 – Availability of Incentives.

Section 40-9B-4.1 Availability of incentives. In no event shall any incentive provided in Act 2012-210 be available to any company filing an application after December 31, 2023, unless Act 2012-210 is reauthorized pursuant to legislation in that year and once every five years succeeding the 2024 reauthorization. Any project granted incentive prior to December 31, […]

Section 40-9B-5 – Granting of Abatement.

Section 40-9B-5 Granting of abatement. (a) Subject to the geographical or jurisdictional or other limitations specified in subsections (b), (c), and (d), the governing body of a municipality, a county, or a public industrial authority may grant abatements of all of the taxes allowed to be abated under Section 40-9B-4 with respect to private use […]

Section 40-9B-6 – Procedure for Granting Abatement.

Section 40-9B-6 Procedure for granting abatement. (a) Any person who proposes to become a private user of industrial development property or of a major addition may apply to the governing body of any municipality, county, or public industrial authority, at or about the time that the private user is requesting inducement, for an abatement of […]

Section 40-9B-7 – Private Use Property; Taxation Thereof.

Section 40-9B-7 Private use property; taxation thereof. (a) Notwithstanding any other provision of law, if a public authority or county or municipal government has title to or a possessory right in private use property, then: (1) The property shall be subject to ad valorem taxes as if the private user held title to the property. […]

Section 40-9B-8 – Certain Purchases of Tangible Personal Property Used in Constructing Industrial Development Property Exempted.

Section 40-9B-8 Certain purchases of tangible personal property used in constructing industrial development property exempted. Notwithstanding any other laws and subject to the limitations set out in Section 40-9B-5, the gross proceeds of the sale to, or the storage, use, or consumption by, any contractor of any tangible personal property to be incorporated into a […]

Section 40-9B-9 – Approval Required for Certain Abatements.

Section 40-9B-9 Approval required for certain abatements. With respect to industrial development property for the establishment or expansion of an industrial or research enterprise as defined in paragraph b. of subdivision (10) of Section 40-9B-3, the governing body of a municipality, county, or public industrial authority shall not grant the abatements provided for in this […]