Lawmakers give final approval to tax incentive bills for industry
Four bills to update and expand the tax credits and other incentives Alabama uses to recruit industry have won final approval in the Alabama Legislature.
The bills are called the Game Plan and were a top priority for legislative leaders in both parties and for Gov. Kay Ivey. The governor will sign the bills at 2 p.m. today.
“I am proud the Alabama Legislature has officially passed all four bills in The Game Plan package – my plan for our state’s continued economic success,” Ivey said in a press release. “I commend both the Senate and House for their incredible work on this timely legislation that will, no doubt, be transformative for our state and more importantly, for our families. We are creating stability for our economy and are going to keep Alabama winning for many years to come.”
One of the bills, HB241, will will renew and expand the Jobs Act and the Growing Alabama Act, which were passed in 2015 and were set to expire in July. The bill will extend the life of the two laws for five more years. Lawmakers said the Jobs Act has helped the state recruit companies that have invested $22 billion and created 40,000 jobs.
HB241 will, among other things, increase the annual spending cap for the Jobs Act from $350 million, adding $25 million per year to reach $475 million in 2027.
SB165, called the Site Evaluation and Economic Development Strategy Act, or SEEDS Act, will provide grants to promote the development of industry-ready sites. Lawmakers said that is needed because of a shortage of sites, especially in rural areas, and to compete with other states that are investing more in sites.
HB247 is intended to promote the development of technology companies, a law called the Innovation and Small Business Act.
SB151 will require the Alabama Department of Commerce to publish on its website the incentives paid to companies that have project agreements with the state.
This story will be updated.