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Industrial Development Board and "Sums-in-Lieu" of Taxes

Prior to 1993, businesses financed by industrial development bonds were exempted from paying property taxes, including property tax to the school system. But beginning in 1990, Industrial Development Boards (IDBs) in Mobile began formally requiring businesses financed by their bonds to pay a "sum-in- lieu" of property tax to the school system.

Many of the payments have not yet been made...

The following series of articles appeared in The Harbinger.



The Harbinger