HB195 - Alabama Rural and Agribusiness Jobs Act

• Establishes a certification process for "growth funds" that invest in rural, minority, and female-owned businesses, with Department of Commerce approval required beginning September 1, 2020.

• Authorizes Department of Commerce to issue tax credit certificates to taxpayers who contribute to certified growth funds; credits equal the investor contribution amount and may be used against state premium tax liability starting in the third year after fund closing, at 20% annually for up to 10 years.

• Growth funds must invest 100% of approved authority within two years in growth investments (at least 25% in agribusiness, 25% in minority/female-owned businesses, 75% in rural areas) and maintain those levels until the sixth anniversary of closing.

• Caps total tax credits issuable per year at $7,500,000; requires growth funds to submit annual reports documenting investments, job creation, and compliance with state requirements.

• Growth funds may exit the program after the seventh anniversary if they have made cumulative investments equal to at least 150% of investment authority; state receives 10% share of distributions from exited funds.