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AL SB78
Bill
AI Summary
SB78 - Alabama Innovation Act Summary
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Establishes the Alabama Innovation Act to encourage research and development activities within Alabama through research and development enhancement grants to qualified research entities.
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Creates the Alabama Research and Development Enhancement Fund to receive legislative appropriations and gifts, grants, or federal funds, with administrative expenses capped at 3% of total appropriations annually.
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Limits individual grant awards to the lesser of 20% of total annual grant funds or a calculated amount based on 10% of contract research expenses plus 25% of consortium research expenses, with priority given to approved activities in specified industries.
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Establishes an Alabama Research and Development Enhancement Oversight Committee consisting of legislative leaders and the ADECA Director to meet annually, provide oversight of grant awards, and submit quarterly reports on grant distribution and progress.
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Program begins accepting applications within 90 days of the act's effective date, with annual application deadlines of March 1 and a 150-day filing window; grant awards effective beginning fiscal year ending September 30, 2020.
Legislative Description
Innovation Act, established, tax credits for qualified research expenses, authorized under certain conditions, tax credits authorized to offset certain taxes under certain conditions, to further provide for the allocation and transferability of certain tax credits under certain conditions
Taxation
Last Action
Ways and Means Education first Amendment Offered
5/31/2019