HB252 - Alabama Agribusiness and Rural Jobs Act

• Establishes the Alabama Agribusiness and Rural Jobs Act to provide tax credits for investors who invest in certified rural growth funds that promote rural business and agribusiness development.

• Creates a Department of Commerce certification process for rural growth funds with a maximum program size of $100,000,000 in investment authority and $80,000,000 in investor contributions, requiring a $15,000 nonrefundable application fee.

• Provides investors an earned tax credit equal to 20 percent annually over five years against state premium tax liability, with credits limited to investor contributions and non-transferable except to affiliates.

• Requires rural growth funds to invest 100 percent of their investment authority in rural businesses within two years, with at least 50 percent in rural agribusinesses, and maintain these investments through year seven or face tax credit certificate revocation.

• Permits rural growth funds to exit the program after the seventh anniversary by making distributions to the state ranging from $250,000 to $1,000,000 based on job creation performance relative to projections.