HB441 Summary

• Amends Alabama's economic development tax credit programs to expand eligibility for businesses in low-income communities based on federal New Markets Tax Credit program definitions as of January 1, 2015, or communities identified thereafter.

• Allows "underrepresented companies" (women-owned, African American-owned, or small businesses in eligible communities with fewer than 10 employees and less than $500,000 in average gross revenue) to receive reduced job creation requirements (10 jobs instead of higher thresholds), utility tax credits up to 4 percent of wages, and investment credits for up to 15 years.

• Expands eligibility for site improvement funding to include infrastructure work in census tracts meeting low-income community definitions under federal law.

• Authorizes the Alabama Innovation Corporation to support innovative businesses, accelerators, rural initiatives, workforce development, and businesses owned by aspiring Alabamians, with specific focus on underrepresented demographics.

• Takes effect June 1, 2024.