HB57 Alabama 2015 Session

Summary

Primary Sponsor

Elaine Beech

Democrat

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

Summary

HB57 creates the Alabama Veterans and Targeted Counties Act to expand incentives for targeted counties, adds a loan program, and broadens Jobs Act credits to promote job creation and investment.

What This Bill Does

It defines targeted counties (population 25,000 or less) and allows a qualifying project in such counties to receive Jobs Act incentives if it creates at least 25 new jobs, including a 4% jobs credit and a 0.5% veteran wage credit, with the possibility of a 15-year investment credit under certain conditions. It creates the Accelerate Alabama Fund and gives the State Industrial Development Authority authority to loan money to local governments and other eligible borrowers to fund site preparation and other project costs in targeted counties, with set loan limits and security requirements. It also requires findings by the Secretary of Commerce, annual reporting to the Legislature, and regulatory implementation of the program.

Who It Affects

• Businesses proposing qualifying projects in targeted counties (those with 25,000 or fewer people) that meet the 25-new-jobs threshold, can receive enhanced tax credits (4% jobs credit, 15-year investment credit, and a 0.5% veteran wage credit) if approved by the Secretary of Commerce.
• Local governments, industrial development authorities, nonprofit economic development entities, and other eligible borrowers in targeted counties that seek loans from the Accelerate Alabama Fund to finance site preparation and other project costs.

Key Provisions

• Targeted counties are defined as counties with population 25,000 or less; qualifying projects in these counties must create at least 25 new jobs to receive incentives, with the 4% jobs credit and a 0.5% veteran wage credit, and may receive a longer 15-year investment credit under certain conditions.
• Creation of the Accelerate Alabama Fund, funded by bonds or other sources, allowing the State Industrial Development Authority to make loans to eligible borrowers for qualifying projects in targeted counties, with defined loan caps ($2,000,000 for projects >25 jobs, $1,000,000 otherwise), security provisions, and annual reporting; regulations to implement the act.

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Economic Development