State lawmakers pass tax exempt billPublished 11:04am Tuesday, April 30, 2013
The Lurleen B. Wallace Community College Foundation took a giant step toward savings when the Alabama Legislature passed HB4, a bill that exempts all property owned and used by the Foundation from state, county, and local sales and ad valorem taxes.
Gov. Robert Bentley is expected to sign the bill this week.
“Thanks to Rep. Mike Jones and Sen. Jimmy Holley for their steadfast support of this bill throughout the legislative process,” said LBW Community College President Dr. Herb Riedel.
“Even though this legislative session has had many difficult days, neither of our elected officials lost sight of the importance of this bill and how it will help the LBWCC Foundation and students renting apartments in the new Saints Hall apartment complex.”
Once signed by Gov. Bentley, the Foundation will experience immediate savings in material costs during the construction phase and long-term savings in ad valorem taxes each year, making it possible to keep rents low, said Kent Campbell, Saints Hall developer and manager.
“This tax exemption is critical in keeping rents down at Saints Hall,” he said. “Property taxes alone would have pushed rents up by about $250 per student per year.”
As HB4 made its way through the legislative process, Sen. Arthur Orr added an amendment to include Calhoun Community College’s foundation. The House concurred with the Senate amendment and sent the bill to Gov. Bentley for his signature.
Construction on Saints Hall started in March and will be completed and ready for occupancy by the beginning of fall semester in August. Total occupancy is 96 students in 24 four-bedroom apartments located adjacent to the LBWCC Andalusia campus.
For more information, call Campbell at 205-532-6412, or visit the Saints Hall website at www.Saints-Hall.com.