Taxation, to increase the market value threshold amount for which tangible personal property is exempt from state ad valorem taxation

Hospital property and capital stock exemptions were modified to increase the value threshold to $75,000 and clarify that corporations must maintain wards for charity patients and provide at least 15% of treatment to charity patients.

New exemption added for athletic stadiums owned and controlled by universities, schools, or colleges used exclusively for intercollegiate or interschool athletics.

New exemption added for cotton, livestock, or agricultural products raised in Alabama that remain in the hands of the producer, landlord, cooperative association, or purchaser for specified periods.

New exemption added for provisions and supplies on hand for current year family use, wearing apparel, farming tools, tools and implements of mechanics valued at $200, livestock, and household/kitchen furniture including one sewing machine.

New exemption added for cotton stored in licensed warehouses in Alabama for up to 12 months.

Veterans organization property exemption was modified to include any post thereof and clarify that property must be used and occupied exclusively by the organization.

New exemptions added for property of individuals who are deaf, hard of hearing, or insane (up to $3,000) and blind individuals (up to $12,000), family portraits, and libraries of ministers of the gospel.

Nonsubstantive technical revisions were made to update existing code language to current style and format.