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AL HB574
Bill
Status
5/17/2017
Primary Sponsor
Alan Baker
Click for details
AI Summary
HB574 Summary
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Extends the deadline for executing project agreements to qualify for Alabama Jobs Act incentives from December 31, 2019 to December 31, 2023.
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Exempts megaprojects (defined as projects creating at least 500 employee positions with 80% full-time, or making $100 million+ capital investment at a single site) from the $850 million aggregate cap on outstanding incentives.
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Maintains the $850 million aggregate cap for all other qualifying projects unless the Legislature votes by joint resolution to increase it.
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Clarifies that projects with agreements executed by the extended deadline remain protected from future cap reductions or suspensions.
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Takes effect immediately upon passage and gubernatorial approval.
Legislative Description
Economic development, Alabama Jobs Act, incentives continued, cap on outstanding incentives, revised, certain percentage of full-time employees required, Secs. 40-18-370, 40-18-382, 40-18-383 am'd.
Economic Development
Last Action
Delivered to Governor at 10:26 a.m. on May 17, 2017.
5/17/2017