HB59 - Alabama Reinvestment and Abatements Act

• Enacts the "Alabama Reinvestment and Abatements Act" to provide tax incentives for existing industries that reinvest capital of at least $2,000,000 in facility additions, expansions, improvements, or equipment replacements.

• Authorizes abatements of construction-related transaction taxes, state ad valorem taxes, and municipal/county noneducational ad valorem taxes for up to 20 years, with municipal taxes abated only by municipalities, county taxes only by counties, and state taxes only by the Governor.

• Allows refunds of utility taxes (up to 10 years) and AIDT employee training for qualifying projects, with utility tax refunds calculated annually based on taxes paid minus the three-year pre-project average.

• Requires Secretary of Commerce to verify projects meet criteria (qualifying project status, no prior defaults on incentive agreements, promotion of sustained business operations), with final approval by the Governor before incentives are claimed.

• Abatements end if property ceases intended use for 6 consecutive months; amends existing Chapter 9B tax code provisions and becomes effective 90 days after passage.