HB408 Alabama 2022 Session

Summary

Primary Sponsor

Neil RaffertyRepresentative

Democrat

Session

Regular Session 2022

Title

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

Summary

HB408 would require the Alabama Department of Revenue to publish a single, annual Unified Economic Development Budget that totals and explains all government spending on economic development in one place.

What This Bill Does

If passed, the bill would require the Revenue Department to prepare an annual Unified Economic Development Budget within three months after the fiscal year ends and post it online with downloadable spreadsheets. The report would detail company-specific tax expenditures, program-specific appropriations, and agency-specific expenditures related to economic development, plus a three-year cost trend and the number of corporations assisted. It would also name corporate taxpayers that claimed tax benefits of $5,000 or more and provide amounts, while aggregating smaller benefits, making all data publicly accessible.

Who It Affects

• Policymakers and legislators who would use a single, comprehensive budget to review economic development spending.
• Taxpayers and the general public who would have online access to detailed, itemized spending data.
• Corporations that receive tax incentives, credits, abatements, exemptions, or reductions (especially those $5,000 or more in a year) whose names and amounts would be disclosed.
• State-funded economic development agencies and related entities (e.g., departments and commissions) that would have their program and agency expenditures reported.

Key Provisions

• Annual Unified Economic Development Budget must be submitted to the Legislature within three months after the end of the state’s fiscal year.
• Budget must be posted publicly on the Alabama Department of Revenue’s website with downloadable spreadsheets.
• Report includes: (1) company-specific tax expenditures (itemized by program and tax type), (2) program-specific appropriated expenditures for entities with economic development missions, (3) agency-specific appropriated expenditures for administering economic development agencies.
• Includes a three-year cost-trend analysis for each program and agency, showing growth or decline and the number of corporations assisted.
• For each tax year, lists corporate taxpayers who claimed $5,000 or more in tax benefits and the amounts received; smaller amounts ($5,000 or less) are reported in aggregate.
• All information (1)-(5) must be posted in downloadable spreadsheet form.
• If any part of the act is found invalid, the remaining parts remain in effect (severability).
• Effective immediately after passage and approval by the Governor.

AI-generated summary using openai/gpt-5-nano on Feb 22, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Economic Development