AL HB620

Adds Section 40-9B-14 to Alabama Code to authorize public industrial authorities to grant tax abatements for retention of international headquarters facilities of publicly traded companies.

Defines an "international headquarters facility" as an industrial or research enterprise with a publicly traded company headquarters in Alabama, operations in one or more foreign nations with over 100 employees, and a specified minimum number of Alabama employees.

Requires companies to meet eligibility criteria including: minimum 300 full-time employees in jurisdiction, cumulative capital investment of at least $200,000,000 in Alabama, location in a designated research park for at least 20 years, and an executed retention agreement.

Limits eligible jurisdictions to municipalities with populations exceeding 210,000 according to the most recent decennial federal census.

Authorizes abatement of ad valorem taxes (excluding education taxes) not exceeding $100,000 per year for a period not exceeding 10 years, only if all previous incentives for the company have expired.