HB16 Summary: Alabama Economic Development and Fiscal Accountability Act

• Department of Revenue must submit annual Unified Economic Development Report to Legislature detailing state tax credits, abatements, exemptions, and reductions valued at $5,000 or more, plus aggregated data for smaller amounts.

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

• Entities applying for economic development subsidies through Department of Economic and Community Affairs must complete detailed applications including job creation targets, wage information, and health care coverage plans.

• Subsidy recipients must file annual progress reports for the duration of the subsidy or minimum five years, documenting job creation, wages, and benefits; failure to provide information results in fines of $500-$1,000 per day.

• Granting bodies must recapture subsidies on a pro rata basis if recipients fail to meet job creation or wage requirements, and subsidies become null and void after three consecutive years of default; citizens may bring civil actions to enforce the act.