Alabama HB641 increases the market value threshold for tangible personal property exempt from state ad valorem taxation.

Alabama HB641 amends the state's tax code to increase the market value threshold for tangible personal property exempt from state ad valorem taxation. Specifically, the bill exempts tangible personal property with a market value over $120,000 for businesses with fewer employees from the state-levied ad valorem tax. It also allows local governments to adopt similar exemptions for county or municipal ad valorem taxes. The bill includes nonsubstantive, technical revisions to update the existing code language.

Alabama HB641 increases the market value threshold for tangible personal property exempt from state ad valorem taxation.

Alabama HB641 amends the state's tax code to increase the market value threshold for tangible personal property exempt from state ad valorem taxation. Specifically, the bill exempts tangible personal property with a market value over $120,000 for businesses with fewer employees from the state-levied ad valorem tax. It also allows local governments to adopt similar exemptions for county or municipal ad valorem taxes. The bill includes nonsubstantive, technical revisions to update the existing code language.