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  1. Bama Politics
  2. Alabama
  3. Alabama House & Senate Bills
  4. 2019 Alabama Legislative Regular Session
  5. 2019 Alabama House Bills
  6. HB 540

HB 540

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Signed by Governor
Contents hide
  • 1 Bill Summary
  • 2 Bill Actions
  • 3 Bill Calendar
  • 4 Bill Text
  • 5 Bill Votes
  • 6 Bill Documents

Bill Summary

Sponsors
  • Bill Poole
Session
Regular Session 2019
Title
Taxation, incentives for attraction of new and expanding business including rural areas, investment credit for income tax, financial institution excise tax, insurance premium tax, utility tax, further incentives for rural areas as defined, purchase of credits, incentives for high-tech companies, Ala. Incentives Modernization Act, Secs. 40-18-6.1, 40-18-8.1, 40-18-376.3 added; Secs. 40-18-376, 40-18-376.1, 40-18-410, 40-18-411, 40-18-412, 40-18-413, 40-18-414 am'd.
Description

This bill would create the “Alabama Incentives Modernization Act” to add new tools for the attraction and expansion of businesses in rural Alabama and high-tech companies throughout the state

For rural parts of the state, this bill would enhance the Alabama Jobs Act incentives that are available to companies locating or expanding in rural Alabama; would extend the Alabama Jobs Act to any rural project with at least five jobs; and would extend the investment credit under the Jobs Act to fifteen years. The bill would extend the benefits of being a “rural” county to any county with population less than 50,000. For all parts of the state, the bill would allow banks and insurance companies to purchase income tax credits and would amend the definition of qualifying projects for purposes of Alabama’s incentives laws

For high-tech companies, this bill would enhance the Alabama Jobs Act incentives that are available to such companies; would allow the state to extend the Jobs Act incentives to any high tech company creating at least five jobs; would allow the investment tax credit calculation to include operating costs as well as capital costs; and would allow persons who move to Alabama to work in Alabama’s high-tech companies, as well as investors in such companies, not to pay tax upon the disposition of their ownership interests in the companies

The bill would expand the Opportunity Zone program in Alabama. The bill would create an Alabama capital gains tax reduction for investments in opportunity zone funds predominately investing in Alabama, in line with the federal Opportunity Zone law. The bill would allow various state funds to make investments into such opportunity zone funds and would guarantee principal protection or minimum rates of return for other investors in such funds, so long as extraordinary returns are allocated to such state funds

The bill would enhance the Growing Alabama Credits by creating funding mechanisms for improving industrial parks, worker and student retention, an Agricultural Center, and business accelerators

To make legislative findings; to amend Sections 40-18-376, 40-18-376.1, 40-18-410, 40-18-411, 40-18-412, 40-18-413, and 40-18-414, Code of Alabama 1975; to add new Sections 40-18-6.1, 40-18-8.1 and 40-18-376.3, Code of Alabama 1975; to add a new Article 2D to Chapter 10 of Title 41, Code of Alabama 1975; to add new tools for the attraction of new and expanding businesses in rural Alabama; to attract high-tech companies to Alabama; to add new tools for the attraction of new and expanding technology companies to Alabama; to make various enhancements to Alabama’s incentives laws; to enhance Alabama’s participation in the opportunity zone program; to provide for the repeal of conflicting laws; and to provide for an effective date.

Subjects
Taxation

Bill Actions

Action Date Chamber Action
May 30, 2019 H Forwarded to Governor on May 30, 2019 at 4:12 p.m. on May 30, 2019.
May 30, 2019 H Assigned Act No. 2019-392.
May 30, 2019 H Clerk of the House Certification
May 30, 2019 H Enrolled
May 30, 2019 S Signature Requested
May 30, 2019 S Concurred in Second House Amendment
May 30, 2019 H Poole motion to Concur In and Adopt adopted Roll Call 1200
May 30, 2019 H Concurrence Requested
May 29, 2019 S Motion to Read a Third Time and Pass adopted Roll Call 1353
May 29, 2019 S Third Reading Passed
May 29, 2019 S Reed motion to Carry Over to the Call of the Chair adopted Voice Vote
May 29, 2019 S Marsh motion to Adopt adopted Roll Call 1320
May 29, 2019 S Marsh Amendment Offered
May 29, 2019 S Marsh motion to Adopt adopted Roll Call 1319
May 29, 2019 S Marsh Amendment Offered
May 29, 2019 S Reed motion to Adopt adopted Roll Call 1318
May 29, 2019 S Finance and Taxation Education Amendment Offered
May 29, 2019 S Third Reading Carried Over to Call of the Chair
May 28, 2019 S Read for the second time and placed on the calendar 1 amendment
May 16, 2019 S Read for the first time and referred to the Senate committee on Finance and Taxation Education
May 16, 2019 H Engrossed
May 16, 2019 H Moore (M) intended to vote Yea
May 16, 2019 H Motion to Read a Third Time and Pass adopted Roll Call 807
May 16, 2019 H Motion to Adopt adopted Roll Call 806
May 16, 2019 H Poole Amendment Offered
May 16, 2019 H Motion to Adopt adopted Roll Call 805
May 16, 2019 H Ways and Means Education first Substitute Offered
May 16, 2019 H Third Reading Passed
May 14, 2019 H Read for the second time and placed on the calendar with 1 substitute and
May 2, 2019 H Read for the first time and referred to the House of Representatives committee on Ways and Means Education

Bill Calendar

Type Date Location Description
Hearing May 28, 2019 Room 825 **Bills Added** at 14:30 Senate F&TE Hearing
Hearing May 14, 2019 Room 200 at 11:30 House W&ME Hearing
Hearing May 8, 2019 Room 200 at 09:00 House W&ME Hearing

Bill Text

Download HB 540 PDF

Bill Votes

Poole motion to Concur In and Adopt
2019-05-30
Chamber: House
Result: Passed
Motion to Read a Third Time and Pass
2019-05-29
Chamber: Senate
Result: Passed
Marsh motion to Adopt
2019-05-29
Chamber: Senate
Result: Passed
Marsh motion to Adopt
2019-05-29
Chamber: Senate
Result: Passed
Reed motion to Adopt
2019-05-29
Chamber: Senate
Result: Passed
Motion to Read a Third Time and Pass
2019-05-16
Chamber: House
Result: Passed
Motion to Adopt
2019-05-16
Chamber: House
Result: Passed
Motion to Adopt
2019-05-16
Chamber: House
Result: Passed

Bill Documents

Type Link
Bill Text HB 540 - Enrolled
Bill Text HB 540 - Engrossed
Bill Text HB 540 - Introduced
Bill Amendments House Ways and Means Education first Substitute Offered
Bill Amendments House Poole Amendment Offered
Bill Amendments Senate Finance and Taxation Education first Amendment Offered
Bill Amendments Senate Marsh Amendment Offered
Bill Amendments Senate Marsh Amendment Offered
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