HB372 Alabama 2024 Session

Summary

Primary Sponsor

Randall Shedd

Republican

Session

Regular Session 2024

Title

Alabama Growth Alliance Bill

Summary

HB372 would create the Alabama Growth Alliance as a public corporation with a public/private board to coordinate Alabama’s long‑term economic development planning.

What This Bill Does

It establishes a new public corporation called the Alabama Growth Alliance and a governing board of 11 members (5 ex officio and 6 at-large private-sector members) to coordinate, track, and support the state’s long-range economic development strategy and annual objectives. The board has broad powers to enter contracts, hire staff, manage funds, and work with public and private partners to implement plans, measure incentives, and promote growth, including coordination with the Department of Commerce. The act also sets formation, governance, dissolution, and reporting rules, and requires an annual report to the Legislature starting before the 2026 session.

Who It Affects

• Private-sector businesses, nonprofit economic development entities, and other private partners (through at-large board seats and potential partnerships) who would influence and participate in state‑level economic development planning and incentives.
• Alabama residents and communities, especially rural areas and minority‑owned businesses, who could experience new investment, job creation, and expansion opportunities as the state’s long‑term development strategy is pursued.

Key Provisions

• Creates the Alabama Growth Alliance as a public corporation separate from state government.
• Boards: 11 members total—5 ex officio (Governor as chair; Secretary of Commerce as co-chair; Speaker of the House; President Pro Tempore of the Senate; chair of Innovate Alabama) and 6 at-large private-sector members; diversity considerations in appointments; terms and removal rules; no compensation but travel reimbursement available.
• Powers: develop and monitor the state’s long‑range economic development vision, objectives, and tactics; identify opportunities; approve a communication plan; biennially review economic development incentives; enter contracts, leases, investments, and operate with various entities to fulfill purposes; hire staff and manage funds; and enter into agreements with other entities.
• Formation and governance: requires a formal application to the Secretary of State by the Governor and legislative leaders; board adopts bylaws and may amend its incorporation; dissolution requires a 3/4 majority vote and follows a defined process; property of the corporation vests in the state on dissolution.
• Reporting and effective date: the corporation must report to the Legislature annually starting before the 2026 session; effective date is October 1, 2024.

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