House Bill 555 Alabama 2026 Session

Summary

Primary Sponsor

Laura HallRepresentative

Democrat

Session

2026 Regular Session

Title

Alabama Department of Economic and Community Affairs, authorized to provide low-interest financing under certain circumstances, constitutional amendment

Summary

Amends Alabama's Constitution to let ADECA provide low-interest loans to qualifying chemical and energy production facilities in Alabama under the State Energy Supply and Chemical Trade Stabilization Act.

What This Bill Does

If passed, the amendment would authorize the Alabama Department of Economic and Community Affairs (ADECA) to provide low-interest loans to qualifying chemical and energy production facilities operating in Alabama as part of the stabilization act. It would override the current constitutional rule that the state cannot lend money or its credit to private entities. After ratification, the Code Commissioner would number and place the amendment in the Constitution and may perform non-substantive revisions. An election would be held to approve or reject the amendment, with ballot language describing the change.

Who It Affects

• Qualifying chemical and energy production facilities in Alabama would be eligible to receive low-interest loans from ADECA.
• ADECA and the state government would administer and fund these loans, potentially affecting state finances and taxpayers.

Key Provisions

• Authorizes ADECA to provide low-interest loans to qualifying chemical and energy production facilities in Alabama as part of the State Energy Supply and Chemical Trade Stabilization Act.
• Constitutional amendment overrides the current prohibition on state lending to private entities to allow such loans.
• If ratified, the Code Commissioner shall number and place the amendment in the Constitution and may perform nonsubstantive revisions (style, citations, etc.).
• Section 2 establishes the election process to ratify the amendment with a ballot description; Section 3 states the amendment becomes valid upon majority approval by qualified electors.

AI-generated summary using openai/gpt-5-nano-2025-08-07 on Mar 3, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Constitutional Amendments Statewide