NFIB State Director Rosemary Elebash joined Gov. Kay Ivey for the ceremonial signing of House Bill 543, legislation that will significantly reduce the tax burden on Alabama’s small businesses. Also attending the signing were Sen. David Sessions (Grand Bay), who sponsored the bill in the Senate, and Rep. Chip Brown (Hollingers Island), who sponsored it in the House.

The measure raises the state exemption for the ad valorem tax on tangible personal property from $40,000 to $100,000. Tangible personal property includes furniture, fixtures, and equipment not permanently affixed to real estate.

The increased exemption means approximately 83% of Alabama businesses will no longer owe the state portion of this tax. Local governments may also choose to adopt the new exemption through their own resolutions or ordinances.

“Small businesses are the backbone of Alabama’s economy,” Elebash said. “This legislation helps ease a major compliance burden and frees up resources for investment and growth.”