Section 40-9C-1 – Short Title.

Section 40-9C-1 Short title. This chapter shall be known and may be cited as the Brownfield Development Tax Abatement Act. (Act 2004-245, p. 334, §1.)

Section 40-9C-2 – Legislative Findings.

Section 40-9C-2 Legislative findings. The Legislature recognizes the importance of recovering and reusing previously utilized property to the well-being of the people of the state. The Legislature also recognizes that in some cases additional incentives are required to succeed in recovering brownfield sites and therefore intends to allow county and municipal governments to provide substantial […]

Section 40-9C-3 – Definitions.

Section 40-9C-3 Definitions. For purposes of this chapter, the following words and phrases shall have the following meanings: (1) ABATE, ABATEMENT. A reduction or elimination of a taxpayer’s liability for tax. An abatement of local and noneducation transaction taxes imposed under Chapter 23 of this title shall relieve the seller from the obligation to collect […]

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

Section 40-9C-4 Authorization of abatement. (a) Noneducational ad valorem taxes, construction related noneducation transaction taxes, except those construction related transaction taxes levied for educational purposes or for capital improvements for education, and mortgage and recording taxes may be abated with respect to brownfield development property and security documents and other recordable documents associated therewith as […]

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

Section 40-9C-5 Granting of abatement. (a) Subject to the geographical or jurisdictional limitations specified in subsection (b), the governing body of a municipality or a county may grant abatements of all of the taxes allowed to be abated under Section 40-9C-4 with respect to private use brownfield development property. (b) The abatements authorized to be […]

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

Section 40-9C-6 Procedure for granting abatement. (a) Subject to the limitations set out in Section 40-9C-5, any person who proposes to become a private user of brownfield development property or of a major addition thereto may apply to the governing body of any municipality or county at or about the time a voluntary cleanup plan […]

Section 40-9C-7 – Exemption of Certain Purchases of Tangible Personal Property Used in Constructing Brownfield Development Property.

Section 40-9C-7 Exemption of certain purchases of tangible personal property used in constructing brownfield development property. Notwithstanding any other laws, and subject to the limitations set out in Section 40-9C-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 […]

Section 40-9C-8 – Rules and Regulations.

Section 40-9C-8 Rules and regulations. The Department of Revenue shall adopt all necessary rules, regulations, and orders needed to implement and administer this chapter. (Act 2004-245, p. 334, §8.)