HB311 Alabama 2014 Session

Sponsors

Session

Regular Session 2014

Title

Economic development, tax incentive, new and expanding companies, employment, required to maintain levels for five years or repay incentive, Labor Department to verify, Revenue Department, annual report to Legislature of number of jobs created, Alabama Job Creation and Taxpayer Protection Act

Description

<p class="bill_description"> This bill would require any tax incentive or subsidy provided as an incentive for a company to build or expand in the state after the effective date of this act to outline specific job commitments required by a company</p><p class="bill_description"> This bill would require a company to operate in the state and maintain the company's committed employment levels for a period of not less than five years after the year in which the project is completed</p><p class="bill_description"> This bill would require a company to repay the state all or a portion of the tax incentive or subsidy received by the company if the company fails to honor its job commitment provided in the contract</p><p class="bill_description"> This bill would allow the Department of Revenue to audit any company periodically to monitor compliance by the company</p><p class="bill_entitled_an_act"> To require any tax incentive or subsidy provided as an incentive for a company to build or expand in the state after the effective date of this act to outline specific job commitments required by a company; and to require a company to meet annual job commitments for a period of not less than five years after the year in which the project is completed; and to require a company to repay the state all or a portion of the tax incentive or subsidy received by the company if the company fails to honor its job commitment. </p>

Subjects

Taxation