AL HB532

Southern Research Institute, a nonprofit corporation, and its real and personal property in Alabama are exempt from state, county, and municipal taxes, licenses, fees, and privilege or excise taxes.

Institute must certify by September 30, 2018 that it has invested at least $20,000,000 in property and equipment, employed at least 400 people in Alabama, and hired a STEM outreach coordinator.

Beginning October 1, 2018, Institute must annually report to the State Board of Education on curricular content in life science, engineering, energy, and environmental science fields that could enhance the state distance learning program.

If Institute fails to meet investment, employment, or reporting requirements by September 30, 2018, all tax exemptions become void and Institute must repay exempt taxes in equal annual installments from October 1, 2018 through October 1, 2028.

For-profit entities leasing or owning property on Institute grounds are not eligible for tax exemptions under this bill, and for-profit entities cannot benefit from exemptions directly or indirectly through property contributions.