Alabama 2024 Regular Session

Alabama House Bill HB372

Introduced
3/21/24  
Introduced
3/21/24  
Report Pass
4/3/24  
Refer
3/21/24  

Caption

Alabama Growth Alliance Bill

Impact

If enacted, this bill would have significant implications on Alabama's economic legislation by promoting a comprehensive strategy that prioritizes sustainable growth and development within the state. The establishment of the Alabama Growth Alliance is anticipated to create a more dedicated entity focused solely on coordinating economic initiatives. It is believed that this public-private partnership could enhance Alabama's ability to attract investments and target high-growth industries, ultimately positioning the state as a leader in these sectors.

Summary

House Bill 372, known as the Alabama Growth Alliance Act, seeks to establish the Alabama Growth Alliance as a public corporation designed to enhance the state's economic development efforts. The primary objective of this bill is to create a structured approach to long-term strategic planning for economic initiatives in Alabama by integrating both private sector expertise and public agency resources. The bill emphasizes the importance of collaboration between the public and private sectors to identify strategic gaps not currently addressed by existing state agencies, thus fostering a more efficient economic development process.

Contention

Controversies surrounding the Alabama Growth Alliance may arise regarding the authority and autonomy of this newly established public corporation, particularly concerning its overlap with existing state agencies. Critics may express concerns about potential inefficiencies or duplicative efforts, while supporters argue that the integration of private sector insights will lead to more effective economic strategies. Nevertheless, the overarching goal of the bill is to streamline economic development efforts and improve the state's competitive edge in attracting new businesses and investments.

Companion Bills

AL SB252

Same As Alabama Growth Alliance Bill

Previously Filed As

AL SB252

Alabama Growth Alliance Bill

AL SJR92

Development of recommendations for the enhancement of rural Alabama through the Alabama Growth Alliance and the Alabama Rural Roadmap initiative, encouraged

AL HB603

Alabama Resilience Council

AL SB346

Alabama Resilience Council, created

AL HB441

Growing Alabama Act, Innovating Alabama Act, Alabama Jobs Act, Innovate Alabama, allow existing communities to qualify for incentives

AL SB331

Growing Alabama Act, Innovating Alabama Act, Alabama Jobs Act, Innovate Alabama, allow existing communities to qualify for incentives

AL HB344

Alabama Workforce Transformation Act FY24 Regular Session

AL SB247

Alabama Workforce Transformation Act FY24 Regular Session SENATE

AL HB241

Relating to the Alabama Jobs Act and the Growing Alabama Act; to amend Sections 40-18-370, 40-18-372, 40-18-374, 40-18-375, 40-18-376, 40-18-376.1, 40-18-376.2, 40-18-376.3, 40-18-376.4, 40-18-377, 40-18-378, 40-18-382, 40-18-383, 40-18-417.1, 40-18-417.2, 40-18-417.3, 40-18-417.4, 40-18-417.7, and 40-9B-4.1, Code of Alabama 1975, to extend the Alabama Jobs Act sunset date to July 31, 2028; to increase the annualized cap on outstanding Alabama Jobs Act incentives by twenty-five million dollars each year for five years up to four hundred seventy-five million dollars; to increase the investment tax credit transfer time to provide that the first five years of the investment credit may be transferred by the incentivized company and applied by another person or company under the Alabama Jobs Act; to extend the Growing Alabama Act sunset date to July 31, 2028, to increase the annual cap on funding approved pursuant to the Growing Alabama Act to thirty-five million dollars; to remove certain programs from the Growing Alabama Act for the transfer to Innovate Alabama.

AL HB163

Alabama School of Healthcare Sciences Bill

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