HB57 Summary: Alabama Veterans and Targeted Counties Act

• Defines "targeted county" as any Alabama county with a population of 25,000 or less and requires Secretary of Commerce approval for qualifying projects in these counties based on economic diversity benefits.

• Provides enhanced incentives for projects in targeted counties: 4 percent jobs credit (versus standard rate), 15-year investment credit period for certain projects, and minimum job creation threshold of 25 new employees.

• Creates additional 0.5 percent jobs credit for companies employing at least 12 percent of workforce as veterans with honorable or general discharge.

• Establishes the Accelerate Alabama Fund funded through bond issuance, appropriations, or other sources to provide loans up to $2,000,000 (projects creating 25+ jobs) or $1,000,000 (other projects) to municipalities, counties, and nonprofits for site preparation and development expenses in targeted counties.

• Requires State Industrial Development Authority to issue annual reports to legislature detailing loans granted and outstanding balances; act becomes effective only if companion bill HB 58 is enacted.