Governor's Signature Pending on Other Important Legislation

Two other pieces of legislation of concern to ACBR passed the assembly this year. These included sales tax exemptions for data centers and prohibiting possessory interest in certain lands by certain foreign persons/entities. ACBR opposed HB 1192, which suspends the issuance of any new certificates of sales tax exemptions for certain high-technology data center equipment.

ACBR opposed HB 1192 because the abrupt suspension of the exemption brings into question the state's long-term commitment to its economic development program and policies, threatening the certainty and predictability of financing large capital investments.

Similarly, SB 420 prohibits possessory interest in certain lands by certain foreign persons/entities. Several ACBR members are concerned about the economic loss to the state the bill could cause.

Both bills have been sent to the Governor for his signature and if not signed or vetoed by May 7, 2024, the bills will become law.