Alabama 2025 Regular Session

Alabama House Bill HB483 Compare Versions

Only one version of the bill is available at this time.

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1	1	HB483INTRODUCED
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3	3	HB483
4	4	4DF9IIR-1
5	5	By Representatives Shaw, Hulsey, Underwood, Brown, Wilcox,
6	6	Rafferty, Chestnut, Lamb, Lawrence, Lipscomb, Moore (P)
7	7	RFD: Ways and Means General Fund
8	8	First Read: 01-Apr-25
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14	14	6 4DF9IIR-1 03/13/2025 THR (L)ma 2024-2834
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16	16	First Read: 01-Apr-25
17	17	SYNOPSIS:
18	18	This bill would exempt virtual currency from ad
19	19	valorem taxation.
20	20	A BILL
21	21	TO BE ENTITLED
22	22	AN ACT
23	23	Relating to virtual currency; to amend Section 40-9-1,
24	24	Code of Alabama 1975; to exempt virtual currency from ad
25	25	valorem taxation.
26	26	BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
27	27	Section 1. Section 40-9-1, Code of Alabama 1975, is
28	28	amended to read as follows:
29	29	"§40-9-1
30	30	The following property and persons shall be exempt from
31	31	ad valorem taxation and none other:
32	32	(1) All bonds of the United States and this state and
33	33	all county and municipal bonds issued by counties and
34	34	municipalities in this state, all property, real and personal,
35	35	of the United States and this state and of county and
36	36	municipal corporations in this state; all cemeteries, all
37	37	property, real and personal, used exclusively for religious
38	38	worship, for schools or for purposes purely charitable;
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68	68	worship, for schools or for purposes purely charitable;
69	69	provided, that property, real or personal, owned by any
70	70	educational, religious, or charitable institution, society or
71	71	corporation let for rent or hire or for use for business
72	72	purposes shall not be exempt from taxation, notwithstanding
73	73	that the income from such property shall be used exclusively
74	74	for education, religious, or charitable purposes; all
75	75	mortgages, together with the notes, debts, and credits secured
76	76	thereby on real and personal property situated in this state,
77	77	which mortgages have been filed for record and the privilege
78	78	tax paid thereon; all security agreements and security
79	79	interests under the Uniform Commercial Code, together with the
80	80	notes, debts, and credits secured thereby; all money on
81	81	deposit in any bank or banking institution and all other
82	82	solvent credits; all warrants issued by county boards of
83	83	education and city boards of education for the purpose of
84	84	erecting, repairing, furnishing school buildings, or for other
85	85	school purposes.
86	86	(2) All property, real or personal, used exclusively
87	87	for hospital purposes, to the amount of seventy-five thousand
88	88	dollars ($75,000), where such hospitals maintain wards for
89	89	charity patients or give treatment to such patients; provided,
90	90	that the treatment of charity patients constitutes at least 15
91	91	percent of the business of such hospitals; provided further,
92	92	that such hospital need not be assessed for taxation if the
93	93	owner or manager shall file with the county tax assessor
94	94	wherein such hospital is located within the time allowed for
95	95	assessing the property for taxation a certificate that such
96	96	hospital has done 15 percent charity work in the preceding tax
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126	126	hospital has done 15 percent charity work in the preceding tax
127	127	year; and further provided, that such hospital through its
128	128	owner or manager shall have until the expiration of the
129	129	preceding tax year to class its work and ascertain whether or
130	130	not such hospital has done 15 percent of its treatment of
131	131	patients as charity work.
132	132	(3) The shares of the capital stock of any corporation
133	133	owning and operating a hospital, to the extent of seventy-five
134	134	thousand dollars ($75,000) in value; provided, that the
135	135	corporation maintains wards for charity patients and gives
136	136	treatment to such patients, which treatment constitutes at
137	137	least 15 percent of the business of the hospital of the
138	138	corporation; provided, that the total exemption granted to any
139	139	such corporation shall not exceed seventy-five thousand
140	140	dollars ($75,000), taking into consideration its real and
141	141	personal property and the value of its shares of capital
142	142	stock.
143	143	(4) All property owned by the American Legion or by
144	144	Veterans of Foreign Wars or by the Disabled American Veterans,
145	145	or any post thereof; provided, that such property is used and
146	146	occupied exclusively by the organization.
147	147	(5) All the property of literary and scientific
148	148	institutions and literary societies, when employed or used in
149	149	the regular business of the institutions.
150	150	(6) The libraries of ministers of the gospel, all
151	151	libraries other than those of a professional character and all
152	152	religious books kept for sale by ministers of the gospel and
153	153	colporteurs.
154	154	(7) The property of individuals who are deaf, hard of
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184	184	(7) The property of individuals who are deaf, hard of
185	185	hearing, or insane to the extent of three thousand dollars
186	186	($3,000) and the property of blind individuals to the extent
187	187	of twelve thousand dollars ($12,000).
188	188	(8) All family portraits.
189	189	(9) All cotton, livestock, or agricultural products
190	190	that have been raised or grown in the State of Alabama and
191	191	remain in the hands of the producer thereof, or his or her
192	192	landlord, or in the hands of a cooperative association for all
193	193	time, and for a period of one year in the hands of the
194	194	purchaser or the manufacturer.
195	195	(10) All cotton, wherever grown, stored in licensed
196	196	warehouses in the State of Alabama for a period not exceeding
197	197	12 months.
198	198	(11) Provisions and supplies on hand for the current
199	199	year for the use of the family and the making of crops; all
200	200	wearing apparel; farming tools; tools and implements of
201	201	mechanics to the value of two hundred dollars ($200); all
202	202	livestock, including mules, studs, jacks and jennets, cattle,
203	203	horses, cows, calves, hogs, sheep, and goats; and household
204	204	and kitchen furniture and one sewing machine.
205	205	(12) No license or taxation of any character, except
206	206	franchise taxes provided by Section 229 of the Constitution of
207	207	the State of Alabama, shall be collected or required to be
208	208	paid to the state or any county or municipality therein by any
209	209	state or county fair, agricultural association, or stock,
210	210	kennel, or poultry show. Athletic stadiums owned and
211	211	controlled by universities, schools, or colleges and which are
212	212	used exclusively for the purpose of promoting intercollegiate
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242	242	used exclusively for the purpose of promoting intercollegiate
243	243	or interschool athletics; provided, that the revenue received
244	244	from athletic stadiums, when admission is charged, shall be
245	245	used for the benefit of athletic associations of such
246	246	universities, colleges, or schools. Nothing contained in this
247	247	subdivision shall be construed to prohibit any municipality,
248	248	county, or state from imposing any license tax upon or for the
249	249	privilege of engaging in the business of supplying services
250	250	for hire or reward or selling commodities other than
251	251	livestock, farm products, or farm implements or conducting or
252	252	operating devices or games of skill or amusements or other
253	253	games or devices, or conducting or operating shows, displays
254	254	or exhibits other than shows, displays or exhibits of
255	255	agricultural implements, farm products, livestock, and
256	256	athletic prowess.
257	257	(13) All material, including without limitation coke,
258	258	to be compounded or further manufactured, when stocked at any
259	259	plant or furnace for manufacturing purposes in Alabama.
260	260	(14) All articles manufactured in Alabama, including
261	261	pig iron, in the hands of the producer or manufacturer
262	262	thereof, for 12 months after its production or manufacture.
263	263	(15) All property, both real and personal, owned by any
264	264	unit or organization of the Alabama National Guard officially
265	265	recognized as such by the federal government and organized and
266	266	maintained by the state, and all property owned by shares and
267	267	used exclusively by and kept exclusively in the possession of
268	268	any such unit or organization of the Alabama National Guard,
269	269	the annual rent or hire of which is not in excess of the
270	270	annual state, county, and municipal taxes on the property
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300	300	annual state, county, and municipal taxes on the property
301	301	shall be exempt from taxation by the state, and the county and
302	302	municipality in which the same may be situated.
303	303	(16) All poultry.
304	304	(17) The property of all incompetent veterans to the
305	305	value of three thousand dollars ($3,000).
306	306	(18) The following items of personal property when
307	307	owned by individuals for personal use in the home or usually
308	308	kept at the home of the owner and not carried as stocks of
309	309	merchandise, namely: Libraries; phonographs; pianos and other
310	310	musical instruments; paintings; precious stones, jewelry,
311	311	plate silverware, ornaments, and articles of taste; watches
312	312	and clocks; wagons, buggies, bicycles, guns, pistols, canes,
313	313	golf sticks, golf bags, and sporting goods; money hoarded;
314	314	radios; mechanical and electrical refrigerators; electrical
315	315	appliances.
316	316	(19) All property owned by the Benevolent and
317	317	Protective Order of Elks, Fraternal Order of Police, Fraternal
318	318	Order of Eagles, or Loyal Order of Moose, or lodge thereof;
319	319	provided, that such property is used and occupied exclusively
320	320	by such organization.
321	321	(20) All devices, facilities, or structures, and all
322	322	identifiable components thereof or materials for use therein,
323	323	acquired or constructed primarily for the control, reduction,
324	324	or elimination of air or water pollution.
325	325	(21) Tobacco leaf stored in hogsheads.
326	326	(22) All farm tractors, as that term is defined in
327	327	Section 32-1-1.1; and all farming implements, as that term is
328	328	used in subdivision (b)(5) of Section 40-11-1, when used
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358	358	used in subdivision (b)(5) of Section 40-11-1, when used
359	359	exclusively in connection with agricultural property as
360	360	defined in subdivision (b)(1) of Section 40-8-1.
361	361	(23) All grain bins used exclusively for the purpose of
362	362	storing, holding, drying, preserving, or otherwise preparing a
363	363	grain, as defined in Section 2-31-1, for market. For purposes
364	364	of this chapter, "grain bin" means a structure and its
365	365	component parts.
366	366	(24) All stocks of goods, wares, and merchandise
367	367	described in subdivision (b)(4) of Section 40-11-1.
368	368	(25) All aircraft, replacement parts, components,
369	369	systems, supplies, and sundries affixed or used on the
370	370	aircraft, and ground support equipment and vehicles used by or
371	371	for the aircraft, when used by a certificated or licensed air
372	372	carrier with a hub operation within this state, for use in
373	373	conducting intrastate, interstate, or foreign commerce for
374	374	transporting people or property by air. For the purpose of
375	375	this subdivision, the words "hub operation" within this state
376	376	shall be construed to have all of the following criteria:
377	377	a. There originates from the location 15 or more flight
378	378	departures and five or more different first-stop destinations
379	379	five days per week for six or more months during the calendar
380	380	year.
381	381	b. Passengers or property or both are regularly
382	382	exchanged at the location between flights of the same or a
383	383	different certificated or licensed air carrier.
384	384	(26) All property described in Title 12 U.S.C. § 1701q,
385	385	commonly known as HUD 202 property, is hereby exempt from any
386	386	and all ad valorem taxes.
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416	416	and all ad valorem taxes.
417	417	(27) All vessels and equipment thereon, used
418	418	predominantly in the business of commercial fishing, as
419	419	defined in Section 40-23-1, by the owners thereof.
420	420	(28)a. The tangible personal property owned by a
421	421	business and reported in accordance with Article 1 of Chapter
422	422	7 to the extent of forty thousand dollars ($40,000) in market
423	423	value is exempt from the state levied ad valorem tax.
424	424	b. Any county or municipality, by resolution or
425	425	ordinance, may adopt the exemption provided in paragraph a.
426	426	for county or municipal ad valorem taxes levied on tangible
427	427	personal property. The ordinance or resolution must be adopted
428	428	at least 90 days prior to October 1, 2023, or 90 days prior to
429	429	October 1 of the electing year.
430	430	(29) Virtual currency, which shall be defined as a
431	431	digital representation of value, other than a representation
432	432	of the United States dollar or a foreign currency, that
433	433	functions as a unit of account, a store of value, or a medium
434	434	of exchange."
435	435	Section 2. This act shall become effective on October
436	436	1, 2025.
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