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AL HB247
Bill
Status
4/20/2023
Primary Sponsor
Anthony Daniels
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AI Summary
HB247 Summary
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Renames the Alabama Innovation Corporation to also be known as "Innovate Alabama" and updates related statutory references.
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Revises residency requirements for grant recipients, changing the threshold from 75 percent to a majority of employees required to be located in Alabama for five years after receiving grants.
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Establishes the "Innovating Alabama tax credit program" combining technology accelerator and underrepresented company tax credit programs, with a cumulative annual funding cap of $25,000,000 starting January 1, 2023, and at least $10,000,000 reserved for underrepresented companies.
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Creates a tax credit system allowing taxpayers to offset income taxes, financial institution excise taxes, insurance premium taxes, and state license taxes by contributing to approved economic development organizations supporting technology accelerators and innovative companies.
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Exempts working groups, task forces, and subcommittees of Innovate Alabama from the Alabama Open Meetings Act and establishes an expiration date of July 31, 2028 for new tax credit applications unless extended by legislation.
Legislative Description
Relating to economic development; to amend Sections 41-10-802 and 41-10-822, Code of Alabama 1975, to provide for a name change for the Alabama Innovation Corporation and revise the residency requirements for certain grant recipients; to amend Section 41-10-805, Code of Alabama 1975, relating to the Board of Directors of the Alabama Innovation Corporation, to make conforming changes to accurately cite the Code of Alabama 1975; and to add a new Article 22, commencing with Section 41-10-840, to Chapter 10 of Title 41, Code of Alabama 1975, to reestablish the technology accelerator tax credit program and the underrepresented company tax credit program as the Innovating Alabama tax credit program; and to exempt working groups, task forces, and subcommittees of the Alabama Innovation Corporation from the Alabama Open Meetings Act.
Last Action
Enacted
4/20/2023