HB192 Summary

• Extends the Alabama Jobs Act sunset date from December 31, 2020 to July 31, 2023, allowing economic development tax credits for qualifying projects that meet job creation and investment thresholds.

• Increases annual caps for Jobs Act credits from $300 million to $325 million (2021) and $350 million (2022), with $20 million reserved annually for targeted or jumpstart counties.

• Establishes the Growing Alabama Act providing tax credits up to $20 million annually for taxpayers making contributions to approved economic development organizations for site preparation, infrastructure, technology accelerators, and agricultural centers.

• Creates new incentives for underrepresented businesses (women and African American-owned companies) and pharmaceutical/medical research companies, offering enhanced job credits (4 percent) and extended investment credit periods (15 years).

• Extends investment credits to technology companies and allows credits to offset state portion of financial institution excise tax and insurance premiums tax.