SB331 Summary

• Amends Sections 40-18-376.4, 40-18-417.2, 41-10-801, 41-10-804, and 41-10-842 of the Alabama Code to address changes in federal New Market Tax Credit census tract designations effective September 1, 2024.

• Allows communities currently eligible for state economic development incentives under the Growing Alabama Act, Innovating Alabama Act, and Alabama Jobs Act to maintain eligibility even if they lose federal New Markets Tax Credit designation after the September 1, 2024 map update, by allowing use of census tracts identified as of January 1, 2015, or any community identified thereafter.

• Applies the same grandfather provision to Innovate Alabama's authority to support businesses and programs located in low-income communities, preserving eligibility for projects in communities identified on or after January 1, 2015.

• Becomes effective June 1, 2024, prior to the September 1, 2024 federal census tract boundary changes.