HB408 Summary

• Requires the Alabama Department of Revenue to submit an annual Unified Economic Development Budget (UEDB) to the Legislature within three months after the state fiscal year ends, with public posting on the Revenue Department website.

• Report must include company-specific tax expenditures covering uncollected, forgiven, credited, or rebated state tax revenue by program for all corporate tax credits, abatements, exemptions, and reductions for job creation or retention purposes.

• Report must itemize program-specific and agency-specific appropriated expenditures for all state-funded entities with economic development missions, including the Department of Commerce, Department of Economic and Community Affairs, Community College System, Commission on Higher Education, and related agencies.

• Requires three-year cost-trend analysis for each program and agency showing spending growth or decline rates and the number of corporations assisted annually.

• Mandates disclosure of corporate taxpayer names and dollar amounts for all tax credits, abatements, exemptions, or reductions of $5,000 or greater, with aggregate reporting for benefits under $5,000.