HB57 Alabama 2015 Session

Sponsors

Session

Regular Session 2015

Title

Economic development, incentives under the Alabama Jobs Act further provided for, loans in targeted counties by the State Industrial Development Authority authorized, Alabama Veterans and Targeted Counties Act, Secs. 40-18-376.1, 40-18-376.2 , 41-10-45.1 to 41-10-45.6, inclusive, added

Description

The Alabama Veterans and Rural Jobs Act would add provisions to the Alabama Jobs Act.

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.

For companies locating in rural counties, the minimum new jobs requirement would be lowered, the jobs credit would be 4 percent, and, in certain cases, the investment credit would be available for an additional 5 years.

The bill would allow the State Industrial Development Authority to make loans for site preparation in rural counties. A $20 million fund would be established.

To enact the Alabama Veterans and Rural Jobs Act; to add provisions to the Alabama Jobs Act proposed by HB ___ of the Regular Session of 2015 of the Alabama Legislature; to define the term “rural county”; to require that the Secretary of Commerce make certain findings as to whether a project is a qualifying project and whether a company is an approved company when the project is to be located in a rural county; to provide that a qualifying project in a rural county could receive incentives if it created at least 25 new jobs; to allow a 4 percent jobs credit for qualifying projects located in rural counties; to allow an additional 5 years in the incentive period for the investment credit in certain cases; to provide an additional jobs credit of 0.5 percent of wages paid to veterans in certain cases; to provide for audits of companies claiming the Jobs Act Incentives; to create the Accelerate Rural Alabama Fund; to allow the fund to be funded by the issuance of bonds secured by rural financing agreements, any other funds available to the authority, or money appropriated to such fund; to allow the State Industrial Development Authority to make loans to rural entities to fund site preparation and other expenses for projects that will provide employment opportunities in the rural area; to limit the value of loans allowed by such fund; to allow various entities to accept loans from such fund and to provide security for repayment of each loan; to require annual reports to the legislature on the operations of such fund; to authorize entry into agreements for the operation of such fund; to make legislative findings; to provide for the promulgation of regulations; to add a new Article 2B to Chapter 10 of Title 41, Code of Alabama 1975; to provide for the severability of invalid provisions; to provide for the repeal of conflicting laws; to provide for an effective date.

Subjects

Economic Development