HB349 Bill Summary

• Authorizes counties and municipalities to create innovation districts as public corporations to support economic development activities and provide public resources to qualified enterprises aligned with the Alabama Department of Commerce's economic development plan.

• Establishes procedures for district incorporation requiring at least three qualified electors to file an application with a governing body, which must adopt an authorizing resolution approving a certificate of incorporation.

• Grants districts broad powers including acquiring property, issuing financial obligations (up to 45 years), pledging special public revenues, entering contracts, and employing staff without competitive bid requirements.

• Exempts districts from taxation, usury laws, competitive bid laws, probate fees, and most state oversight while requiring audited financial statements if receiving public funds or issuing debt.

• Allows districts to dissolve when no financial obligations remain, with property reverting to the authorizing subdivision(s); becomes effective June 1, 2024.