HB408 Alabama 2022 Session

Sponsors

Session

Regular Session 2022

Title

Economic Development incentives, Revenue Dept required to submit a Unified Economic Development Budget

Description

<p class="bill_description"> Under current statutes, there is not a single method to understand the impact of economic development incentives given by governmental entities</p><p class="bill_description"> This bill would require the Alabama Department of Revenue to submit a Unified Economic Development Budget (UEDB) to provide policymakers and taxpayers with a comprehensive accounting of all economic development spending-all in one place</p><p class="bill_entitled_an_act"> Related to Economic Development incentives; and to require the Alabama Department of Revenue to submit a Unified Economic Development Budget. BE IT ENACTED BY THE LEGISLATURE OF ALABAMA: Section 1. This act shall be known and may be cited as the Economic Development Full Accounting Act. Section 2. The Alabama Department of Revenue shall submit an annual Unified Economic Development Budget to the Legislature no later than three months after the end of the state's fiscal year. The report shall be posted publicly on the Revenue Department's website, with specified portions available as spreadsheets that can be downloaded. The report shall include all types of expenditures for economic development during the prior fiscal year, including but not limited to: (1) Company-Specific Tax Expenditures, to include the amount of uncollected, forgiven, credited or rebated state tax revenue, line itemized by program, resulting from every corporate tax credit, abatement, exemption, and reduction provided by the state or a local governmental unit for the purpose of job creation, retention, or both. Categories would include, but not limited to, gross receipts, income, sales, use, raw materials, excise, property, utility, and inventory taxes. (2) Program-Specific Appropriated Expenditures, which includes all state appropriated program expenditures for economic development, with a line itemization for every state-funded entity with an economic development mission, including but not limited to: the Alabama Department of Commerce, the Alabama Department of Economic and Community Affairs, the Alabama Community College System, the Alabama Commission on Higher Education, the Alabama Regional Planning and Development Commissions, Alabama Industrial Development Training (AIDT), the Alabama Department of Environmental Management (ADEM), and the Economic Development Partnership of Alabama. (3) Agency-Specific Appropriated Expenditures: All state-appropriated expenditures for the administration of economic development agencies, for every state-funded agency with an economic development mission, including, but not limited to: the Alabama Department of Commerce, the Alabama Department of Economic and Community Affairs, the Alabama Community College System, the Alabama Commission on Higher Education, the Alabama Regional Planning and Development Commissions, Alabama Industrial Development Training (AIDT), the Alabama Department of Environmental Management (ADEM), and the Economic Development Partnership of Alabama. (4) A three-year cost-trend analysis for each reported program and agency, describing the rate of growth or decline in spending over time, and including the number of corporations assisted each year. (5) For each tax year, the name of each corporate taxpayer which claimed any tax credit, abatement, exemption or reduction under subdivision (1) of any value equal to or greater than five thousand dollars ($5,000), together with the dollar amount received by each such corporate taxpayer. (6) All information in subdivisions (1), (2), (3), (4), and (5) shall be posted in a spreadsheet form that can be downloaded from the Revenue Department website. (7) Any tax credit, abatement, exemption, or reduction received by a corporation of less than five thousand dollars ($5,000) each shall not </p>

Subjects

Economic Development