HB416 Alabama 2015 Session

The Alabama Renewal Act would enact a number of new programs for the growth of Alabama as a place to do business

The bill would create a tax credit for increased use of the state’s port, as well as for investments in early-state companies

The bill would create the Growing Alabama Act tax credit to address economic development needs in Alabama that cannot be solved with traditional tax incentives

The bill would add provisions to the Alabama Jobs Act proposed by HB 58 of the 2015 Regular Session. For companies receiving the Jobs Act Incentives that employ veterans as at least 12 percent of their workforce, the companies would receive an additional jobs credit of 0.5 percent of wages paid to veterans

To enact the Alabama Renewal Act; to enact a number of new programs for the growth of business and industry in Alabama; to create tax credits for increased use of the state’s port and small business investments with the potential for job growth; to create the Growing Alabama Act tax credit to address economic development needs in Alabama that cannot be solved with traditional tax incentive; to cap the credits; to provide for the carryforward of certain earned but unused credits; to provide methods for claiming certain credits; to provide for proof that credits are due to be granted; to provide for the promulgation of forms; to create new Articles nd 19 of Chapter 18 of Title 40; to add section 40-18-376.1 to the Alabama Jobs Act proposed by HB 58 of the Regular Session of 2015 of the Alabama Legislature to provide an additional jobs credit of 0.5 percent of wages paid to veterans in certain cases; to provide for the promulgation of regulations; to provide for the severability of invalid provisions; to provide for the repeal of conflicting laws; to provide for effective dates.