Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.
State: | Alabama |
Effected Jurisdiction: | City of Montgomery |
Jurisdiction type: | Municipality |
Fiscal year ending In: | 2018 |
Program name: | Varioius economic development programs |
Program purpose: | General Economic Development |
Statutory authority: | Tax Reform Act of 1992 (Chapter 9B, Title 40, Code of Alabama 1975) and The Alabama Reinvestment & Abatements Act (Chapter 9G, Title 40, Code of Alabama 1975). |
Abating jurisdiction(s): | Montgomery, Alabama; Development Board of the City of Montgomery; City of Montgomery Downtown Redevelopment Authority |
Applicable taxes: | Property Tax |
Method of abatement: | Reductions of assessed values |
Provisions for recapture: | Some |
Gross revenue loss: | $1,808,072 |
Reimbursement / offset: | $0 |
Net revenue loss: | $1,808,072 |
Type of loss: | Active |
Additional notes on dislosure: | Property taxes are abated through reductions of assessed values. Sales and use taxes are abated through exemptions granted on purchases for specified construction or equipment-purchase purposes. Some agreements provide for the repayment to the City of abated amounts if the entity ceases to operate its business for a certain length of time or fails to produce a certain level of employment. |
Document source: | https://www.montgomeryal.gov/city-government/mayor-s-office/financial-re... |