SB336 Summary

• Establishes research and development corridors as public corporations in Alabama municipalities to support economic development in advanced manufacturing, bioscience, foundational technology, education, and related sectors identified in Accelerate Alabama 2.0.

• Corridors are governed by boards of directors appointed by authorizing municipalities, with majority residency requirements and diversity provisions, and can acquire property, enter contracts, and issue financial obligations without state approval.

• Exempts corridors from taxation, usury laws, competitive bidding requirements, and most state oversight, while requiring annual audited financial statements and reports to state officials and authorizing subdivisions.

• Grants corridors power to abate eligible taxes for qualified enterprises and allows public entities to donate funds, property, and guarantee financial obligations to support corridor projects.

• Corridors may be dissolved when all financial obligations are satisfied, with property vesting in authorizing subdivisions; prohibits relocation of existing in-state qualified enterprises into corridors without consent from their current host municipalities.