SB242 Alabama 2024 Session

Summary

Primary Sponsor

Bobby D. Singleton Senator

Democrat

Session

Regular Session 2024

Title

Innovation Districts; establishment of by counties and municipalities as public corporation authorized; provide for the powers of innovation districts

Description

This bill would authorize counties and municipalities to authorize the incorporation of an innovation district within the county or municipality as a public corporation for the purpose of undertaking activities or acquiring property by the district, and using public revenues for the establishment, benefit, or support of qualified enterprises, as designated by the Department of Commerce, through public revenues.

This bill would provide procedures for the creation and dissolution of an innovation district.

This bill would provide for the powers of an innovation district, and provide for the powers of the board of directors of an innovation district.

This bill would exempt districts from fees and charges imposed by a judge of probate and from taxation.

This bill would exempt districts from competitive bid laws and from other specified state oversight.

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Subjects

Economic Development