HB475 Summary: Alabama Rural and Agribusiness Jobs Act

• Establishes a tax credit program where the Department of Commerce certifies "growth funds" that invest in rural and agribusiness businesses with fewer than 200 employees in designated growth zones.

• Authorizes the Department of Commerce to issue non-refundable tax credit certificates to investors who contribute cash to certified growth funds, with credits equal to their investor contribution and usable beginning three years after the fund's closing date.

• Requires growth funds to invest 100% of their investment authority in growth investments within two years, with at least 50% in agribusiness, and maintain those investment levels until the sixth anniversary of closing.

• Caps total tax credits issuable in any fiscal year at $15 million (excluding carried-forward credits) and requires at least 75% of a growth fund's investment authority to come from investor contributions.

• Allows growth funds to exit the program after seven years if they have made cumulative growth investments equal to at least 150% of their investment authority and met job creation requirements; applies to tax years beginning January 1, 2021 or later.