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AL SB77
Bill
AI Summary
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State economic development fund commitments to companies for building or expanding in Alabama are invalid unless the state and company enter into a written, mutually acceptable contract within 5 years of the commitment date.
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Pre-existing commitments made before the act's effective date become void 5 years from the commitment date or 1 year after the act's effective date, whichever is later, if no written contract has been executed.
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The required written contract must outline the conditions of the project to establish a valid economic development commitment.
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Act takes effect immediately upon passage and approval by the Governor or upon becoming law by other means.
Legislative Description
Economic development, financial commitments to build or expand in Alabama, written contracts required within certain time period, existing commitments without written contract void after certain period of time
Economic Development
Last Action
Assigned Act No. 2011-216.
4/28/2011