21-45-7 - Division of ad valorem taxes according to tax increment financing plan.
§ 21-45-7. Division of ad valorem taxes according to tax increment financing plan.
Any redevelopment project may contain a provision that municipal and county ad valorem taxes, if any, levied upon taxable property in a redevelopment project or municipal sales taxes collected within the area, or both, shall be divided according to a tax increment financing plan.
Sources: Laws, 1986, ch. 449, § 4; Laws, 1993, ch. 527, § 1, eff from and after July 1, 1993.