HB311 Summary

• Requires written contracts for all state tax incentives or subsidies provided to companies building or expanding in Alabama after the bill's effective date, with specific job commitments outlined in the contract.

• Companies must maintain committed employment levels for a minimum of five consecutive years following project completion and file annual certifications with the Department of Revenue detailing actual jobs created.

• Department of Labor verifies actual job numbers annually, and the Department of Revenue may audit companies periodically to monitor compliance with job commitment obligations.

• Companies that fail to maintain committed employment levels for any of the five years must repay the state all or a pro-rata portion of received tax incentives or subsidies based on the shortfall in jobs created versus jobs committed.

• Department of Revenue must report annually to the Legislature, Legislative Fiscal Office, and public on projects claiming tax incentives, including number of projects, jobs created versus committed, and total incentives claimed for each project.