HB247 Alabama 2023 Session

Sponsors

Session

Regular Session 2023

Title

Relating to economic development; to amend Sections 41-10-802 and 41-10-822, Code of Alabama 1975, to provide for a name change for the Alabama Innovation Corporation and revise the residency requirements for certain grant recipients; to amend Section 41-10-805, Code of Alabama 1975, relating to the Board of Directors of the Alabama Innovation Corporation, to make conforming changes to accurately cite the Code of Alabama 1975; and to add a new Article 22, commencing with Section 41-10-840, to Chapter 10 of Title 41, Code of Alabama 1975, to reestablish the technology accelerator tax credit program and the underrepresented company tax credit program as the Innovating Alabama tax credit program; and to exempt working groups, task forces, and subcommittees of the Alabama Innovation Corporation from the Alabama Open Meetings Act.

Description

Under existing law, the Alabama Innovation Corporation is a public corporation created to support, financially and otherwise, growth in technology, innovation, and entrepreneurship sectors in the state.

This bill would authorize the Alabama Innovation Corporation to be known as Innovate Alabama.

Under existing law, the Alabama Innovation Corporation is also authorized to make Small Business Innovation Research and Small Business Technology Transfer Research matching grants to certain entities.

As a condition to receiving a grant, the entity must make its primary place of business in Alabama, the place of residency of one top executive must be in Alabama, and 75 percent of its employees must reside in Alabama for five years.

This bill would add a one-year time frame for making Alabama the principal place of business, requiring the majority of top executives to reside in Alabama, and requiring a majority of employees reside in Alabama as a condition to receiving a grant.

This bill would create the Innovating Alabama tax credit program to allow certain economic development organizations that create, operate, or support certain programs relating to technology HB247 INTRODUCED accelerators and underrepresented companies to claim specified tax credits.

This bill would also exempt working groups, task forces, and subcommittees of the Alabama Innovation Corporation from the Alabama Open Meetings Act.

Relating to economic development; to amend Sections 41-10-802 and 41-10-822, Code of Alabama 1975, to provide for a name change for the Alabama Innovation Corporation and revise the residency requirements for certain grant recipients; to amend Section 41-10-805, Code of Alabama 1975, relating to the Board of Directors of the Alabama Innovation Corporation, to make conforming changes to accurately cite the Code of Alabama 1975; and to add a new Article 22, commencing with Section 41-10-840, to Chapter 10 of Title 41, Code of Alabama 1975, to reestablish the technology accelerator tax credit program and the underrepresented company tax credit program as the Innovating Alabama tax credit program; and to exempt working groups, task forces, and subcommittees of the Alabama Innovation Corporation from the Alabama Open Meetings Act.