HB372 Summary: Alabama Growth Alliance Act

• Creates the Alabama Growth Alliance as a public corporation governed by an 11-member board consisting of 5 ex officio members (Governor, Secretary of Commerce, Speaker of House, President Pro Tempore of Senate, and chair of Innovate Alabama) and 6 at-large private sector members appointed by the Governor

• Establishes the corporation's purpose to coordinate development, tracking, and support for Alabama's long-range economic development strategy, annual objectives, and key tactics in collaboration with the Department of Commerce

• Grants the board broad powers including entering contracts, managing funds, reviewing state economic incentives biennially (Alabama Jobs Act, Growing Alabama Act, etc.), and making recommendations on coordination between state agencies and private organizations

• Exempts the corporation and its private partners from compliance with state procurement laws, competitive bidding requirements, and open records/open meetings laws for sensitive economic development matters

• Requires annual reports to the Legislature beginning in 2026 detailing the corporation's efforts to accomplish its goals; becomes effective October 1, 2024