This bill would enact the Alabama Jobs Act, to authorize and provide for incentives to certain businesses that create new jobs in Alabama. The incentives would require a project agreement with the state and would only be available upon a determination that the economic benefits of the incentives would be more than the cost of the incentives.
The incentives created by this act would include a jobs credit for qualifying business projects that create new jobs in an amount of percent of the company’s previous year’s wages paid to the new employees, and an investment credit of 1.5 percent of an eligible capital investment for a period of 10 years.
The bill would repeal various incentives currently offered to companies, including the capital credit. The bill would require clawbacks.
The bill would only allow the incentives to be offered to companies meeting certain criteria. The bill would also establish an advisory committee on economic incentives.
Source: Alabama Legislature