HB514 - Alabama Economic Development and Fiscal Accountability Act

• Department of Revenue must submit annual Unified Economic Development Reports to the Legislature detailing state tax expenditures, including corporate tax credits, abatements, exemptions, and reductions of $5,000 or more, plus all state-appropriated economic development spending.

• Property-taxing entities must annually report to the Department of Revenue all real property receiving state property tax abatements or reductions, including the amount of tax revenue foregone.

• Development subsidy applicants must submit detailed applications to the Department of Economic and Community Affairs covering job creation projections, wage information, health care benefits, and employee counts broken down by wage brackets.

• Recipients of development subsidies must file annual progress reports and a two-year progress report documenting job creation, wage compliance, and benefit provisions, with fines of $500-$1,000 per day for non-compliance.

• Granting bodies can recapture subsidies on a pro rata basis if recipients fail to create required jobs, pay required wages, or maintain benefits, and must declare subsidies null and void after three consecutive years of default; taxpayers may bring civil actions to enforce compliance.