SB511 - Alabama Job Creation Act of 2012

• Provides tax incentives to Alabama companies undertaking qualifying projects that create jobs, based on a per-job and wage formula with incentives of $500-$1,000 per new eligible employee depending on wage levels above county average.

• Requires Alabama Development Office Director and Director of Finance to recommend companies for Governor approval; Governor has sole discretion to approve projects and determine incentive periods of up to 10 consecutive years (maximum 20 years total from project placement in service).

• Limits incentives to 100 percent of project capital costs and requires approved companies to maintain minimum job levels specified in project agreements or repay incentives received in non-compliant years.

• Incentives may be applied against corporate income tax, utility gross receipts tax, sales tax, use tax, or other state taxes, but excludes ad valorem taxes dedicated to education.

• Sunsets the incentive program for new applications after December 31, 2018 unless reauthorized every five years; incentives only available in years when state unemployment exceeds 6% on January 1.