AL HB551

Establishes the Steel Industry Relief and Investment Grant Program administered by the Alabama Department of Commerce, providing up to $10 million annually in grants to manufacturers facing hardship from tariffs, quotas, or other trade disruptions for working capital, labor retention, and capital improvements.

Creates a refundable Manufacturing Innovation and Modernization Tax Credit equal to 20% of qualifying investments in advanced machinery, industrial automation, or domestic sourcing capability, capped at $1 million per taxpayer and $10 million total annually, available for tax years 2027-2029 with five-year carry-forward.

Requires all state infrastructure and construction contracts to include a preference for domestically produced steel and manufactured components, with an exception when domestic materials are unavailable or unreasonably priced.

Establishes the Advanced Manufacturing Export Expansion Initiative to help manufacturers expand international markets through export compliance support, marketing assistance, and trade mission coordination, prioritizing firms affected by retaliatory tariffs.

Creates a five-member Industrial Trade Vulnerability Monitoring Board appointed by the Governor to monitor international trade developments, identify sector risks, and report annually to the Governor and Legislature, with first meeting required by September 1, 2026.