SB373 Alabama 2017 Session

Sponsors

Session

Regular Session 2017

Title

Economic development, Alabama Jobs Act, incentives continued, cap on outstanding incentives, eliminated, Secs. 40-18-370, 40-18-382, 40-18-383 am'd.

Description

<p class="bill_description"> Under existing law, the Alabama Jobs Act provides certain incentives and credits to certain qualifying projects. The act caps the aggregate balance of outstanding incentives at $850 million and provides that the incentives are not available to qualifying projects for which project agreements have not been executed on or before December 31, 2019</p><p class="bill_description"> This bill would extend eligibility for incentives under the act to projects for which project agreements have been executed on or before December 31, 2023, and would exempt megaprojects, as defined by the act, from the $850 million aggregate cap on outstanding incentives</p><p class="bill_entitled_an_act"> Relating to economic development; to amend Sections 40-18-370, as last amended by Act 2016-321, 2016 Regular Session, 40-18-382 and 40-18-383, Code of Alabama 1975, relating to the Alabama Jobs Act, to continue the eligibility for incentives under the act; and to exempt certain megaprojects, as defined by the act, from the $850 million aggregate cap on outstanding incentives. </p>

Subjects

Economic Development