HB252 Alabama 2018 Session

This bill would create the Alabama Agribusiness and Rural Jobs Act to provide tax credits for certain investors who invest in rural growth funds established to promote rural business or rural agribusiness, to be administered by the Department of Commerce

Relating to economic development; to define terms; to provide tax credits for certain investors who invest in rural growth funds established to promote rural business or rural agribusiness, to be administered by the Department of Commerce; to provide an application process for the certification of rural growth funds by the department; to provide for the acceptance and denial of applications; to provide for an application fee; to provide limitations for investment authority and investor contributions; to require revenue impact assessments; to require the department to issue tax credit certificates under certain conditions; to provide for tax credits against state tax liability with certain limitations for investors; to provide for the revocation of tax credit certificates; to provide for exit from the program upon approval of the department; to provide reporting requirements for rural growth funds; and to provide rulemaking authority.