Alabama 2024 Regular Session

Alabama House Bill HB441 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	~~HB441ENROLLED~~
	1	+	HB441INTRODUCED
2	2		Page 0
3	3		HB441
4		-	SQG2585-2
	4	+	SQG2585-1
5	5		By Representative Garrett
6	6		RFD: Ways and Means Education
7	7		First Read: 11-Apr-24
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12		-	5 ~~HB441 Enrolled~~
	12	+	5 SQG2585-1 04/05/2024 JRF (F)JRF 2024-1427
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14	14		First Read: 11-Apr-24
15		-	Enrolled, An Act,
	15	+	SYNOPSIS:
	16	+	The Growing Alabama Act, the Innovating Alabama
	17	+	Act, the Alabama Jobs Act, and the governing
	18	+	definitions and powers granted to Innovate Alabama rely
	19	+	on the federal definition of New Market Tax Credit
	20	+	census tracts for eligible projects. The federal map of
	21	+	census tracts will change on September 1, 2024, making
	22	+	some communities that are currently eligible for state
	23	+	incentives ineligible.
	24	+	This bill would allow those existing communities
	25	+	to still qualify for the named initiatives and
	26	+	incentives.
	27	+	A BILL
	28	+	TO BE ENTITLED
	29	+	AN ACT
16	30		Relating to the Growing Alabama Act, the Innovating
17	31		Alabama Act, the Alabama Jobs Act, and Innovate Alabama; to
18	32		amend Sections 40-18-376.4, 40-18-417.2, 41-10-801, 41-10-804,
19	33		and 41-10-842, Code of Alabama 1975; to provide for eligible
20	34		census tracts under the federal New Markets Tax Credit
21	35		program.
22	36		BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
23		-	Section 1. Sections 40-18-376.4, 40-18-417.2,
24		-	41-10-801, 41-10-804, and 41-10-842, Code of Alabama 1975, are
25		-	amended to read as follows:
26		-	"§40-18-376.4
27		-	(a) This section shall be applicable to an
28		-	underrepresented company, as defined in this section. In
29		-	making the findings required by Section 40-18-373(1), an
30		-	underrepresented company that proposes a qualifying project
31		-	shall be an approved company for purposes of this section only
32		-	if the Secretary of Commerce makes the additional finding that
33		-	the qualifying project will increase economic diversity and
34		-	will benefit the state.
35		-	(b) If provided for in the project agreement, the
36		-	following shall be allowed to any company which meets all of
37		-	the criteria in subsection (a):
38		-	(1) Absent a finding of extraordinary circumstances by
39		-	the Secretary of Commerce, a qualifying project shall be
40		-	deemed to be in existence notwithstanding the requirements of
41		-	Section 40-18-372 so long as 10 new jobs are created.
42		-	(2) A jobs credit against utility taxes, in an annual
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	64	+	28 HB441 INTRODUCED
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	66	+	BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
	67	+	Section 1. Sections 40-18-376.4, 40-18-417.2,
	68	+	41-10-801, 41-10-804, and 41-10-842, Code of Alabama 1975, are
	69	+	amended to read as follows:
	70	+	"§40-18-376.4
	71	+	(a) This section shall be applicable to an
	72	+	underrepresented company, as defined in this section. In
	73	+	making the findings required by Section 40-18-373(1), an
	74	+	underrepresented company that proposes a qualifying project
	75	+	shall be an approved company for purposes of this section only
	76	+	if the Secretary of Commerce makes the additional finding that
	77	+	the qualifying project will increase economic diversity and
	78	+	will benefit the state.
	79	+	(b) If provided for in the project agreement, the
	80	+	following shall be allowed to any company which meets all of
	81	+	the criteria in subsection (a):
	82	+	(1) Absent a finding of extraordinary circumstances by
	83	+	the Secretary of Commerce, a qualifying project shall be
	84	+	deemed to be in existence notwithstanding the requirements of
	85	+	Section 40-18-372 so long as 10 new jobs are created.
72	86		(2) A jobs credit against utility taxes, in an annual
73	87		amount up to 4 percent of the wages paid to Alabama resident
74	88		employees during the prior year.
75	89		(3) The investment credit provided in Section
76	90		40-18-376(a) shall have an incentive period not to exceed 15
77	91		years.
78	92		(c) An "underrepresented company" is any company that
79	93		meets all the criteria in subdivision (1) or (2):
80	94		(1) The company is a for-profit business headquartered
81		-	in a community eligible for investment through the federal New
82		-	Markets Tax Credit program under 26 U.S.C. § 45D(e) as those
83		-	communities were identified as of January 1, 2015, or in such
84		-	a community identified thereafter , has fewer than 10 employees
85		-	at the time the project agreement is executed, and has average
86		-	gross revenues of less than five hundred thousand dollars
87		-	($500,000) in the company’s three years prior to the execution
88		-	of the project agreement; or
89		-	(2) The company is a for-profit business that is
90		-	independently owned and controlled and is at least 51 percent
91		-	owned and controlled by one or more underrepresented persons
92		-	or, in the case of a publicly-owned business, the company is a
93		-	for-profit business of which at least 51 percent of the stock
94		-	is owned and controlled by one or more underrepresented
95		-	persons and whose daily management and operations are under
96		-	the control of one or more underrepresented persons. As used
97		-	herein, an underrepresented person is a United States citizen
98		-	who is a woman or is African American."
99		-	"§40-18-417.2
100		-	(a)(1) A local economic development organization that
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	122	+	56 HB441 INTRODUCED
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	124	+	(1) The company is a for-profit business headquartered
	125	+	in a community eligible for investment through the federal New
	126	+	Markets Tax Credit program under 26 U.S.C. § 45D(e) as those
	127	+	communities were identified as of January 1, 2015, or in such
	128	+	a community identified thereafter , has fewer than 10 employees
	129	+	at the time the project agreement is executed, and has average
	130	+	gross revenues of less than five hundred thousand dollars
	131	+	($500,000) in the company’s three years prior to the execution
	132	+	of the project agreement; or
	133	+	(2) The company is a for-profit business that is
	134	+	independently owned and controlled and is at least 51 percent
	135	+	owned and controlled by one or more underrepresented persons
	136	+	or, in the case of a publicly-owned business, the company is a
	137	+	for-profit business of which at least 51 percent of the stock
	138	+	is owned and controlled by one or more underrepresented
	139	+	persons and whose daily management and operations are under
	140	+	the control of one or more underrepresented persons. As used
	141	+	herein, an underrepresented person is a United States citizen
	142	+	who is a woman or is African American."
	143	+	"§40-18-417.2
130	144		(a)(1) A local economic development organization that
131	145		owns a site may apply to the Department of Commerce for
132	146		funding to solve an inadequacy involving the site. The
133	147		application by the local economic development organization
134	148		shall include at least one of the following:
135	149		a. If there is a pending expression of interest about
136	150		the site from an industry or business, a list of the site
137	151		preparation or public infrastructure work needed to make the
138	152		site acceptable to the industry or business.
139		-	b. If the site has been offered to one or more
140		-	industries or businesses but the offer did not result in the
141		-	industry or business locating on the site, a list of the site
142		-	preparation or public infrastructure work that, if it had been
143		-	completed, would have made the site acceptable to the
144		-	industries or businesses.
145		-	c. If the site is an industrial or research park that
146		-	needs connections to interstates, highways, roadways, rail
147		-	systems, or sewer, fiber, electrical, gas, or water
148		-	infrastructure, a list of the site preparation or public
149		-	infrastructure work needed.
150		-	d. Capital improvements or economic development
151		-	activities at an inland port or intermodal facility, as
152		-	described in Section 40-18-417.1; provided that the
153		-	application is accompanied by an economic impact report on
154		-	such improvements or activities.
155		-	e. Any site improvement or public infrastructure work
156		-	in census tracts that meets the definition of low-income
157		-	communities pursuant to 26 U.S.C. § 45D(e) as those
158		-	communities were identified as of January 1, 2015, or in such
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	180	+	84 HB441 INTRODUCED
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	182	+	site acceptable to the industry or business.
	183	+	b. If the site has been offered to one or more
	184	+	industries or businesses but the offer did not result in the
	185	+	industry or business locating on the site, a list of the site
	186	+	preparation or public infrastructure work that, if it had been
	187	+	completed, would have made the site acceptable to the
	188	+	industries or businesses.
	189	+	c. If the site is an industrial or research park that
	190	+	needs connections to interstates, highways, roadways, rail
	191	+	systems, or sewer, fiber, electrical, gas, or water
	192	+	infrastructure, a list of the site preparation or public
	193	+	infrastructure work needed.
	194	+	d. Capital improvements or economic development
	195	+	activities at an inland port or intermodal facility, as
	196	+	described in Section 40-18-417.1; provided that the
	197	+	application is accompanied by an economic impact report on
	198	+	such improvements or activities.
	199	+	e. Any site improvement or public infrastructure work
	200	+	in census tracts that meets the definition of low-income
	201	+	communities pursuant to 26 U.S.C. § 45D(e) as those
188	202		communities were identified as of January 1, 2015, or in such
189	203		a community identified thereafter .
190	204		(2) An economic development organization may apply to
191	205		the Department of Commerce for funding to undertake the
192	206		construction, maintenance, promotion, operation, management,
193	207		leasing, and subleasing of an agricultural center that
194	208		includes a multi-use facility and related commercial and
195	209		noncommercial structures for livestock, equestrian, small
196	210		animal shows and events, spectator events, trade shows,
197		-	educational conferences, agricultural and agricultural related
198		-	industries, educational, demonstrational or training purposes,
199		-	educational and training conferences or events, recreational
200		-	vehicle rallies, recreational vehicle multi-day parking,
201		-	hosting of corporate and non-corporate organization meetings,
202		-	use as fair grounds, operation of retail activities, and other
203		-	events and facilities expected to draw participants and
204		-	spectators from states located across the southeastern United
205		-	States, with a projected total annual economic impact upon
206		-	completion of all phases of the agricultural center of at
207		-	least thirty-five million dollars ($35,000,000) and with the
208		-	related and supporting infrastructure and facilities having a
209		-	projected capital expenditure upon completion of all phases of
210		-	the agricultural center of at least one hundred million
211		-	dollars ($100,000,000); provided that the application is
212		-	accompanied by an economic impact report on the agricultural
213		-	center.
214		-	(b) The application shall include quotes for the
215		-	completion of the work, following compliance with the
216		-	procedures set forth by the Department of Economic and
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	238	+	112 HB441 INTRODUCED
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	240	+	animal shows and events, spectator events, trade shows,
	241	+	educational conferences, agricultural and agricultural related
	242	+	industries, educational, demonstrational or training purposes,
	243	+	educational and training conferences or events, recreational
	244	+	vehicle rallies, recreational vehicle multi-day parking,
	245	+	hosting of corporate and non-corporate organization meetings,
	246	+	use as fair grounds, operation of retail activities, and other
	247	+	events and facilities expected to draw participants and
	248	+	spectators from states located across the southeastern United
	249	+	States, with a projected total annual economic impact upon
	250	+	completion of all phases of the agricultural center of at
	251	+	least thirty-five million dollars ($35,000,000) and with the
	252	+	related and supporting infrastructure and facilities having a
	253	+	projected capital expenditure upon completion of all phases of
	254	+	the agricultural center of at least one hundred million
	255	+	dollars ($100,000,000); provided that the application is
	256	+	accompanied by an economic impact report on the agricultural
	257	+	center.
	258	+	(b) The application shall include quotes for the
	259	+	completion of the work, following compliance with the
246	260		procedures set forth by the Department of Economic and
247	261		Community Affairs, as if the organization were disbursing
248	262		state funds received from the department.
249	263		(c) The application provided in paragraph (a)(1) a. or
250	264		b. shall include an estimate of the number of jobs, wages, and
251	265		capital investment which would have been undertaken by the
252	266		industries or businesses referred to in paragraph (a)(1) a. or
253	267		b.
254	268		(d) The application provided in subsection (a) shall
255		-	include proof that the economic development organization has
256		-	in full force and effect a conflict of interest policy
257		-	consistent with that found in the instructions to Form 1023
258		-	issued by the Internal Revenue Service.
259		-	(e) The application provided in subsection (a) shall
260		-	include a notarized affirmation by an officer of the economic
261		-	development organization that the submission of the
262		-	application did not violate the conflict of interest policy
263		-	referred to in subsection (d)."
264		-	"§41-10-801
265		-	For the purposes of this article, the following terms
266		-	shall have the following meanings:
267		-	(1) ASPIRING ALABAMIAN. A person who has less than one
268		-	hundred thousand dollars ($100,000) of household net worth and
269		-	who satisfies at least one of the following criteria:
270		-	a. The person has a principal residence in a community
271		-	eligible for investment through the federal New Markets Tax
272		-	Credit program under 26 U.S.C. § 45D(e)(1) as those
273		-	communities were identified as of January 1, 2015, or in such
274		-	a community identified thereafter .
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	296	+	140 HB441 INTRODUCED
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	298	+	(d) The application provided in subsection (a) shall
	299	+	include proof that the economic development organization has
	300	+	in full force and effect a conflict of interest policy
	301	+	consistent with that found in the instructions to Form 1023
	302	+	issued by the Internal Revenue Service.
	303	+	(e) The application provided in subsection (a) shall
	304	+	include a notarized affirmation by an officer of the economic
	305	+	development organization that the submission of the
	306	+	application did not violate the conflict of interest policy
	307	+	referred to in subsection (d)."
	308	+	"§41-10-801
	309	+	For the purposes of this article, the following terms
	310	+	shall have the following meanings:
	311	+	(1) ASPIRING ALABAMIAN. A person who has less than one
	312	+	hundred thousand dollars ($100,000) of household net worth and
	313	+	who satisfies at least one of the following criteria:
	314	+	a. The person has a principal residence in a community
	315	+	eligible for investment through the federal New Markets Tax
	316	+	Credit program under 26 U.S.C. § 45D(e)(1) as those
	317	+	communities were identified as of January 1, 2015, or in such
304	318		a community identified thereafter .
305	319		b. The person owns at least a majority interest in a
306	320		business located in a community eligible for investment
307	321		through the federal New Markets Tax Credit program under 26
308	322		U.S.C. § 45D(e)(1) as those communities were identified as of
309	323		January 1, 2015, or in such a community identified thereafter .
310	324		c. The person does not hold, and is not actively
311	325		pursuing, a baccalaureate degree or does not have a parent or
312	326		legal guardian who holds a baccalaureate degree.
313		-	d. The person has at least one parent who does not have
314		-	a high school diploma or its equivalent.
315		-	(2) BOARD. The governing board of the corporation.
316		-	(3) CORPORATION. The Alabama Innovation Corporation
317		-	created by this article as an authority organized as a public
318		-	corporation having a legal existence separate and apart from
319		-	the state and any county, municipality, or political
320		-	subdivision.
321		-	(4) ECONOMIC DEVELOPMENT AND INNOVATION ENTITY.
322		-	a. A nonprofit corporation that possesses all of the
323		-	following characteristics:
324		-	1. Is organized as a nonprofit corporation exempt from
325		-	federal income tax under Section 501(c) of the Internal
326		-	Revenue Code of 1986, as amended.
327		-	2. Has a record of, or can demonstrate that it is
328		-	capable of, serving the entire state on matters involving
329		-	economic development.
330		-	3. Has a record of, or can demonstrate that it is
331		-	capable of, managing startup competitions or related
332		-	programming designed to foster an innovation-based economy.
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	356	+	legal guardian who holds a baccalaureate degree.
	357	+	d. The person has at least one parent who does not have
	358	+	a high school diploma or its equivalent.
	359	+	(2) BOARD. The governing board of the corporation.
	360	+	(3) CORPORATION. The Alabama Innovation Corporation
	361	+	created by this article as an authority organized as a public
	362	+	corporation having a legal existence separate and apart from
	363	+	the state and any county, municipality, or political
	364	+	subdivision.
	365	+	(4) ECONOMIC DEVELOPMENT AND INNOVATION ENTITY.
	366	+	a. A nonprofit corporation that possesses all of the
	367	+	following characteristics:
	368	+	1. Is organized as a nonprofit corporation exempt from
	369	+	federal income tax under Section 501(c) of the Internal
	370	+	Revenue Code of 1986, as amended.
	371	+	2. Has a record of, or can demonstrate that it is
	372	+	capable of, serving the entire state on matters involving
	373	+	economic development.
	374	+	3. Has a record of, or can demonstrate that it is
	375	+	capable of, managing startup competitions or related
362	376		programming designed to foster an innovation-based economy.
363	377		4. Has received, or is eligible to receive, grant
364	378		funding from the state or from federal or private sources.
365	379		b. In determining whether a nonprofit corporation
366	380		qualifies as an economic development and innovation entity,
367	381		the board may attribute to the nonprofit corporation the
368	382		experiences of its officers, staff, and directors with other
369	383		nonprofit corporations.
370	384		(5) ELIGIBLE INVESTMENTS. All of the following:
371		-	a. Demand deposits (interest bearing) in federally
372		-	insured banks, and interest bearing deposits, whether or not
373		-	evidenced by certificates of deposits, in federally insured
374		-	banks; provided, however, that the deposits plus interest
375		-	shall be fully secured by obligations described in paragraphs
376		-	b. and c., to the extent that the deposits plus interest
377		-	exceed insurance available from the Federal Deposit Insurance
378		-	Corporation, or from any agency of the United States of
379		-	America that may succeed to the functions of the Federal
380		-	Deposit Insurance Corporation.
381		-	b. Bonds, notes, and other evidences of indebtedness
382		-	that are direct obligations of the United States of America or
383		-	that are unconditionally guaranteed as to both principal and
384		-	interest by the United States of America.
385		-	c. Bonds, debentures, notes, or other evidences of
386		-	indebtedness issued or guaranteed by any federal agencies or
387		-	government sponsored enterprises authorized to issue their own
388		-	debt instruments including, without limitation, to any of the
389		-	following: Federal Farm Credit Bank, Federal Intermediate
390		-	Credit Banks, the Export-Import Bank of the United States,
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418		-	196 HB441 ~~Enrolled~~
	412	+	196 HB441 INTRODUCED
419	413		Page 8
	414	+	(5) ELIGIBLE INVESTMENTS. All of the following:
	415	+	a. Demand deposits (interest bearing) in federally
	416	+	insured banks, and interest bearing deposits, whether or not
	417	+	evidenced by certificates of deposits, in federally insured
	418	+	banks; provided, however, that the deposits plus interest
	419	+	shall be fully secured by obligations described in paragraphs
	420	+	b. and c., to the extent that the deposits plus interest
	421	+	exceed insurance available from the Federal Deposit Insurance
	422	+	Corporation, or from any agency of the United States of
	423	+	America that may succeed to the functions of the Federal
	424	+	Deposit Insurance Corporation.
	425	+	b. Bonds, notes, and other evidences of indebtedness
	426	+	that are direct obligations of the United States of America or
	427	+	that are unconditionally guaranteed as to both principal and
	428	+	interest by the United States of America.
	429	+	c. Bonds, debentures, notes, or other evidences of
	430	+	indebtedness issued or guaranteed by any federal agencies or
	431	+	government sponsored enterprises authorized to issue their own
	432	+	debt instruments including, without limitation, to any of the
	433	+	following: Federal Farm Credit Bank, Federal Intermediate
420	434		Credit Banks, the Export-Import Bank of the United States,
421	435		Federal Land Banks, the Federal National Mortgage Association,
422	436		the Governmental National Mortgage Association, the Federal
423	437		Financing Bank, Federal Banks for Cooperatives, Federal Home
424	438		Loan Banks, Federal Home and Loan Mortgage Association, or the
425	439		Farmers Home Administration.
426	440		d. Repurchase agreements with federally insured banks
427	441		or with government bond dealers reporting to and trading with
428	442		the Federal Reserve Bank of New York, provided that the
429		-	repurchase agreements are secured by obligations described in
430		-	paragraphs b. and c.
431		-	e. Interest-bearing time deposits, whether or not
432		-	evidenced by certificates of deposit, in savings and loan
433		-	associations: (i) the deposits of which are insured to the
434		-	maximum extent possible by the Federal Savings and Loan
435		-	Insurance Corporation or any agency of the United States of
436		-	America that may succeed to its functions; and (ii) the
437		-	principal office of which is located in the state. The
438		-	deposits plus interest shall be secured by obligations
439		-	described in paragraphs b. and c., to the extent that the
440		-	deposits plus interest exceed insurance available from the
441		-	Federal Savings and Loan Insurance Corporation or from any
442		-	agency of the United States of America that may succeed to the
443		-	functions of the Federal Savings and Loan Insurance
444		-	Corporation.
445		-	f. Other legal investments which the corporation
446		-	determines will have the effect of growing an innovative
447		-	economy.
448		-	(6) FUND. The Alabama Innovation Fund.
449	443		197
450	444		198
451	445		199
452	446		200
453	447		201
454	448		202
455	449		203
456	450		204
457	451		205
458	452		206
459	453		207
460	454		208
461	455		209
462	456		210
463	457		211
464	458		212
465	459		213
466	460		214
467	461		215
468	462		216
469	463		217
470	464		218
471	465		219
472	466		220
473	467		221
474	468		222
475	469		223
476		-	224 HB441 ~~Enrolled~~
	470	+	224 HB441 INTRODUCED
477	471		Page 9
	472	+	the Federal Reserve Bank of New York, provided that the
	473	+	repurchase agreements are secured by obligations described in
	474	+	paragraphs b. and c.
	475	+	e. Interest-bearing time deposits, whether or not
	476	+	evidenced by certificates of deposit, in savings and loan
	477	+	associations: (i) the deposits of which are insured to the
	478	+	maximum extent possible by the Federal Savings and Loan
	479	+	Insurance Corporation or any agency of the United States of
	480	+	America that may succeed to its functions; and (ii) the
	481	+	principal office of which is located in the state. The
	482	+	deposits plus interest shall be secured by obligations
	483	+	described in paragraphs b. and c., to the extent that the
	484	+	deposits plus interest exceed insurance available from the
	485	+	Federal Savings and Loan Insurance Corporation or from any
	486	+	agency of the United States of America that may succeed to the
	487	+	functions of the Federal Savings and Loan Insurance
	488	+	Corporation.
	489	+	f. Other legal investments which the corporation
	490	+	determines will have the effect of growing an innovative
	491	+	economy.
478	492		(6) FUND. The Alabama Innovation Fund.
479	493		(7) SMALL BUSINESS INNOVATION RESEARCH. The grants and
480	494		programs defined in 15 U.S.C. § 638(e)(4).
481	495		(8) SMALL BUSINESS TECHNOLOGY TRANSFER RESEARCH. The
482	496		grants and programs defined in 15 U.S.C. § 638(e)(6).
483	497		(9) STEM. Science, technology, engineering, and
484	498		mathematics."
485	499		"§41-10-804
486	500		(a) The board shall have all of the powers necessary to
487		-	carry out and effectuate the purposes of this article. The
488		-	foregoing sentence shall be construed broadly, so that the
489		-	failure to state a power of the board shall not be considered
490		-	a limitation upon the board, so long as the board shall find
491		-	that the power is necessary to allow the board to fulfill the
492		-	purpose of the corporation, as provided by this article. In
493		-	the event that the board should determine to add one or more
494		-	powers, they may do so by amending their application of
495		-	formation. Without limiting the generality of the foregoing,
496		-	the board shall have and exercise all of the following powers:
497		-	(1) Recognize that the economy of today will not exist
498		-	tomorrow and implement policies that help this state, and
499		-	residents of this state, embrace that future.
500		-	(2) Take actions to make this state a hub for
501		-	technology, innovation, and entrepreneurship by partnering
502		-	with the private sector, state agencies, and state policy
503		-	makers to develop and implement programs and policies that
504		-	will lead to a more robust and inclusive economy for this
505		-	state.
506		-	(3) Support, financially and otherwise, the
507	501		225
508	502		226
509	503		227
510	504		228
511	505		229
512	506		230
513	507		231
514	508		232
515	509		233
516	510		234
517	511		235
518	512		236
519	513		237
520	514		238
521	515		239
522	516		240
523	517		241
524	518		242
525	519		243
526	520		244
527	521		245
528	522		246
529	523		247
530	524		248
531	525		249
532	526		250
533	527		251
534		-	252 HB441 ~~Enrolled~~
	528	+	252 HB441 INTRODUCED
535	529		Page 10
	530	+	(a) The board shall have all of the powers necessary to
	531	+	carry out and effectuate the purposes of this article. The
	532	+	foregoing sentence shall be construed broadly, so that the
	533	+	failure to state a power of the board shall not be considered
	534	+	a limitation upon the board, so long as the board shall find
	535	+	that the power is necessary to allow the board to fulfill the
	536	+	purpose of the corporation, as provided by this article. In
	537	+	the event that the board should determine to add one or more
	538	+	powers, they may do so by amending their application of
	539	+	formation. Without limiting the generality of the foregoing,
	540	+	the board shall have and exercise all of the following powers:
	541	+	(1) Recognize that the economy of today will not exist
	542	+	tomorrow and implement policies that help this state, and
	543	+	residents of this state, embrace that future.
	544	+	(2) Take actions to make this state a hub for
	545	+	technology, innovation, and entrepreneurship by partnering
	546	+	with the private sector, state agencies, and state policy
	547	+	makers to develop and implement programs and policies that
	548	+	will lead to a more robust and inclusive economy for this
	549	+	state.
536	550		(3) Support, financially and otherwise, the
537	551		establishment or growth, or both, of all of the following:
538	552		a. Marketing and branding the state including, but not
539	553		limited to, the state's business climate, the state's tax
540	554		rates and structures, the state's innovation-focused
541	555		incentives and abatements, the state's business related
542	556		programs, and the state's innovation and entrepreneurial
543	557		ecosystems.
544	558		b. Pursuing and supporting commercialization,
545		-	entrepreneurship, research and development, and technology
546		-	transfer facilities, funding, incentives, partnerships, events
547		-	and programs, including, but not limited to, all of the
548		-	following:
549		-	1. Creating, operating, and supporting accelerator or
550		-	similar programs , including, but not limited to, university
551		-	and corporate focused accelerator or similar programs.
552		-	2. Developing programming, incubators, and accelerators
553		-	that serve this state's startups and their founders, and
554		-	disseminating both in person and online.
555		-	3. Creating, operating, and supporting industry focused
556		-	research and development centers established by public
557		-	universities in collaboration with existing industry in
558		-	Alabama.
559		-	c. Incentivizing and providing funding to innovative
560		-	businesses or programs that support innovation in this state's
561		-	economy, including, but not limited to, the following:
562		-	1. Assisting recipients of Small Business Innovation
563		-	Research and Small Business Technology Transfer Research
564		-	funding.
565	559		253
566	560		254
567	561		255
568	562		256
569	563		257
570	564		258
571	565		259
572	566		260
573	567		261
574	568		262
575	569		263
576	570		264
577	571		265
578	572		266
579	573		267
580	574		268
581	575		269
582	576		270
583	577		271
584	578		272
585	579		273
586	580		274
587	581		275
588	582		276
589	583		277
590	584		278
591	585		279
592		-	280 HB441 ~~Enrolled~~
	586	+	280 HB441 INTRODUCED
593	587		Page 11
	588	+	b. Pursuing and supporting commercialization,
	589	+	entrepreneurship, research and development, and technology
	590	+	transfer facilities, funding, incentives, partnerships, events
	591	+	and programs, including, but not limited to, all of the
	592	+	following:
	593	+	1. Creating, operating, and supporting accelerator or
	594	+	similar programs , including, but not limited to, university
	595	+	and corporate focused accelerator or similar programs.
	596	+	2. Developing programming, incubators, and accelerators
	597	+	that serve this state's startups and their founders, and
	598	+	disseminating both in person and online.
	599	+	3. Creating, operating, and supporting industry focused
	600	+	research and development centers established by public
	601	+	universities in collaboration with existing industry in
	602	+	Alabama.
	603	+	c. Incentivizing and providing funding to innovative
	604	+	businesses or programs that support innovation in this state's
	605	+	economy, including, but not limited to, the following:
	606	+	1. Assisting recipients of Small Business Innovation
	607	+	Research and Small Business Technology Transfer Research
594	608		funding.
595	609		2. Encouraging pre-seed, seed, venture capital, and
596	610		private equity funding activity in this state.
597	611		3. Supporting community development financial
598	612		institutions that serve residents of this state.
599	613		4. Supporting qualified STEM teachers and technology
600	614		staff teaching and working in rural or otherwise
601	615		under-performing or under-resourced schools in this state.
602	616		d. Engaging in rural initiatives that support
603		-	innovation, including, but not limited to, the creation,
604		-	operation, and support of entrepreneurial centers, and
605		-	marketing rural quality of life and recreational
606		-	opportunities.
607		-	e. Creating, operating, and supporting research and
608		-	development of a 21st-Century transportation system that
609		-	reflects emerging technologies and multi-modal concepts.
610		-	f. Attracting, recruiting, and retaining skilled
611		-	workers, STEM workers, and other in-state and out-of-state
612		-	two-year and four-year college, university, and community
613		-	college graduates, and engaging in other innovation focused
614		-	workforce development activities.
615		-	g. Supporting businesses owned or led, or both, by
616		-	aspiring Alabamians.
617		-	h. Supporting businesses headquartered in census tracts
618		-	that satisfy the definition of "low income communities " found
619		-	in 26 U.S.C. § 45D(e) as those communities were identified as
620		-	of January 1, 2015, or in such a community identified
621		-	thereafter.
622		-	(4) Adopt, alter, and repeal bylaws for the regulation
623	617		281
624	618		282
625	619		283
626	620		284
627	621		285
628	622		286
629	623		287
630	624		288
631	625		289
632	626		290
633	627		291
634	628		292
635	629		293
636	630		294
637	631		295
638	632		296
639	633		297
640	634		298
641	635		299
642	636		300
643	637		301
644	638		302
645	639		303
646	640		304
647	641		305
648	642		306
649	643		307
650		-	308 HB441 ~~Enrolled~~
	644	+	308 HB441 INTRODUCED
651	645		Page 12
	646	+	d. Engaging in rural initiatives that support
	647	+	innovation, including, but not limited to, the creation,
	648	+	operation, and support of entrepreneurial centers, and
	649	+	marketing rural quality of life and recreational
	650	+	opportunities.
	651	+	e. Creating, operating, and supporting research and
	652	+	development of a 21st-Century transportation system that
	653	+	reflects emerging technologies and multi-modal concepts.
	654	+	f. Attracting, recruiting, and retaining skilled
	655	+	workers, STEM workers, and other in-state and out-of-state
	656	+	two-year and four-year college, university, and community
	657	+	college graduates, and engaging in other innovation focused
	658	+	workforce development activities.
	659	+	g. Supporting businesses owned or led, or both, by
	660	+	aspiring Alabamians.
	661	+	h. Supporting businesses headquartered in census tracts
	662	+	that satisfy the definition of "low income communities " found
	663	+	in 26 U.S.C. § 45D(e) as those communities were identified as
	664	+	of January 1, 2015, or in such a community identified
	665	+	thereafter.
652	666		(4) Adopt, alter, and repeal bylaws for the regulation
653	667		and conduct of the corporation's affairs and business, and for
654	668		the implementation of this article.
655	669		(5) Take actions as may be necessary or convenient to
656	670		accomplish any purpose of the corporation, or to exercise any
657	671		power of the corporation.
658	672		(6) Make and enter into contracts, leases, and
659	673		agreements, and take other actions as may in its judgment may
660	674		be necessary or desirable to accomplish any purpose, and to
661		-	exercise any power necessary for the accomplishment of the
662		-	purposes of the corporation or incidental to the powers
663		-	expressly set forth in this article.
664		-	(7) Appoint, employ, and contract with employees,
665		-	agents, advisors, consultants, and service providers ,
666		-	including, but not limited to, attorneys, accountants,
667		-	financial experts, and other advisors, consultants, and agents
668		-	as may in its judgment may be necessary or desirable to
669		-	accomplish any purpose of the corporation or incidental to the
670		-	powers expressly set forth in this article, and to fix the
671		-	compensation of those persons.
672		-	(8) Manage, invest, and expend capital from the fund,
673		-	as provided in Section 41-10-806, and to provide for the
674		-	indemnification of directors.
675		-	(9) Use the financial resources of the corporation to
676		-	purchase, lease, or otherwise acquire real and personal
677		-	property, and to use, develop, operate, lease, or convey those
678		-	properties, as may in its judgment may be necessary or
679		-	desirable to accomplish any purpose of the corporation or
680		-	incidental to the powers expressly set forth in this article.
681	675		309
682	676		310
683	677		311
684	678		312
685	679		313
686	680		314
687	681		315
688	682		316
689	683		317
690	684		318
691	685		319
692	686		320
693	687		321
694	688		322
695	689		323
696	690		324
697	691		325
698	692		326
699	693		327
700	694		328
701	695		329
702	696		330
703	697		331
704	698		332
705	699		333
706	700		334
707	701		335
708		-	336 HB441 ~~Enrolled~~
	702	+	336 HB441 INTRODUCED
709	703		Page 13
	704	+	be necessary or desirable to accomplish any purpose, and to
	705	+	exercise any power necessary for the accomplishment of the
	706	+	purposes of the corporation or incidental to the powers
	707	+	expressly set forth in this article.
	708	+	(7) Appoint, employ, and contract with employees,
	709	+	agents, advisors, consultants, and service providers ,
	710	+	including, but not limited to, attorneys, accountants,
	711	+	financial experts, and other advisors, consultants, and agents
	712	+	as may in its judgment may be necessary or desirable to
	713	+	accomplish any purpose of the corporation or incidental to the
	714	+	powers expressly set forth in this article, and to fix the
	715	+	compensation of those persons.
	716	+	(8) Manage, invest, and expend capital from the fund,
	717	+	as provided in Section 41-10-806, and to provide for the
	718	+	indemnification of directors.
	719	+	(9) Use the financial resources of the corporation to
	720	+	purchase, lease, or otherwise acquire real and personal
	721	+	property, and to use, develop, operate, lease, or convey those
	722	+	properties, as may in its judgment may be necessary or
	723	+	desirable to accomplish any purpose of the corporation or
710	724		incidental to the powers expressly set forth in this article.
711	725		(10) Lend its credit to, or grant public monies and
712	726		things of value in aid of or to, any individual, firm,
713	727		corporation, or other business entity, public or private, as
714	728		may in its judgment be necessary or desirable to accomplish
715	729		any purpose of the corporation or incidental to the powers
716	730		expressly set forth in this article.
717	731		(11) Promote and solicit taxpayer donations for tax
718	732		credits that promote innovation in the state.
719		-	(12) Take any action necessary to exercise its rights
720		-	or fulfill its obligations relevant to the corporation under
721		-	state law.
722		-	(b) The board shall create an advisory committee which
723		-	shall provide information and make recommendations to the
724		-	board concerning the implementation of this article. The
725		-	advisory committee shall have no legal authority or other
726		-	responsibility over the actions of the corporation. The board
727		-	shall coordinate its appointments to assure the advisory
728		-	committee membership is inclusive and reflects the so that
729		-	diversity of racial, gender, race, and geographical areas,
730		-	urban, rural, and economic diversity of the is reflective of
731		-	the makeup of this state. The members of the advisory
732		-	committee shall serve at the pleasure of the board. The board
733		-	shall appoint one member of the advisory committee to serve as
734		-	the chair of the advisory committee, and meetings of the
735		-	advisory committee may be called by its chair or by the board.
736		-	Members of the advisory committee may participate in a meeting
737		-	of the committee in person, by means of telephone conference,
738		-	video conference, or other similar communications equipment so
739	733		337
740	734		338
741	735		339
742	736		340
743	737		341
744	738		342
745	739		343
746	740		344
747	741		345
748	742		346
749	743		347
750	744		348
751	745		349
752	746		350
753	747		351
754	748		352
755	749		353
756	750		354
757	751		355
758	752		356
759	753		357
760	754		358
761	755		359
762	756		360
763	757		361
764	758		362
765	759		363
766		-	364 HB441 ~~Enrolled~~
	760	+	364 HB441 INTRODUCED
767	761		Page 14
	762	+	credits that promote innovation in the state.
	763	+	(12) Take any action necessary to exercise its rights
	764	+	or fulfill its obligations relevant to the corporation under
	765	+	state law.
	766	+	(b) The board shall create an advisory committee which
	767	+	shall provide information and make recommendations to the
	768	+	board concerning the implementation of this article. The
	769	+	advisory committee shall have no legal authority or other
	770	+	responsibility over the actions of the corporation. The board
	771	+	shall coordinate its appointments to assure the advisory
	772	+	committee membership is inclusive and reflects the so that
	773	+	diversity of racial, gender, race, and geographical areas,
	774	+	urban, rural, and economic diversity of the is reflective of
	775	+	the makeup of this state. The members of the advisory
	776	+	committee shall serve at the pleasure of the board. The board
	777	+	shall appoint one member of the advisory committee to serve as
	778	+	the chair of the advisory committee, and meetings of the
	779	+	advisory committee may be called by its chair or by the board.
	780	+	Members of the advisory committee may participate in a meeting
	781	+	of the committee in person, by means of telephone conference,
768	782		video conference, or other similar communications equipment so
769	783		that all individuals participating in the meeting may hear
770	784		each other at the same time. Participation by any such means
771	785		shall constitute presence in person at a meeting for all
772	786		purposes, including for purposes of establishing a quorum, and
773	787		the affirmative vote of a majority of the members in
774	788		attendance shall be necessary for any action of the advisory
775	789		committee. The committee and its members shall not be subject
776	790		to Chapter 25 or 25A of Title 36 nor Section 36-12-40.
777		-	(c) The board may enter into agreements with one or
778		-	more economic development and innovation entities to exercise
779		-	all powers of the corporation, if the agreement does both of
780		-	the following:
781		-	(1) Requires regular reporting to the corporation by
782		-	the economic development and innovation entity.
783		-	(2) Allows for the overhead costs of the economic
784		-	development and innovation entity to be reimbursed or
785		-	otherwise paid only if directly related to the fulfillment of
786		-	the agreement, as determined by the corporation.
787		-	(d)(1) The board may make, enter into, and execute
788		-	contracts, agreements, and other instruments with, accept aid
789		-	and grants from, and cooperate with, any other person or
790		-	entity, including, but not limited to, all of the following:
791		-	a. The United States of America, the state, or any
792		-	agency, instrumentality, or political subdivision of either.
793		-	b. For profit or nonprofit private entities.
794		-	c. Public bodies, departments, or authorities ,
795		-	including, but not limited to, the executive departments of
796		-	the state, to act on behalf of the board in carrying out
797	791		365
798	792		366
799	793		367
800	794		368
801	795		369
802	796		370
803	797		371
804	798		372
805	799		373
806	800		374
807	801		375
808	802		376
809	803		377
810	804		378
811	805		379
812	806		380
813	807		381
814	808		382
815	809		383
816	810		384
817	811		385
818	812		386
819	813		387
820	814		388
821	815		389
822	816		390
823	817		391
824		-	392 HB441 ~~Enrolled~~
	818	+	392 HB441 INTRODUCED
825	819		Page 15
	820	+	to Chapter 25 or 25A of Title 36 nor Section 36-12-40.
	821	+	(c) The board may enter into agreements with one or
	822	+	more economic development and innovation entities to exercise
	823	+	all powers of the corporation, if the agreement does both of
	824	+	the following:
	825	+	(1) Requires regular reporting to the corporation by
	826	+	the economic development and innovation entity.
	827	+	(2) Allows for the overhead costs of the economic
	828	+	development and innovation entity to be reimbursed or
	829	+	otherwise paid only if directly related to the fulfillment of
	830	+	the agreement, as determined by the corporation.
	831	+	(d)(1) The board may make, enter into, and execute
	832	+	contracts, agreements, and other instruments with, accept aid
	833	+	and grants from, and cooperate with, any other person or
	834	+	entity, including, but not limited to, all of the following:
	835	+	a. The United States of America, the state, or any
	836	+	agency, instrumentality, or political subdivision of either.
	837	+	b. For profit or nonprofit private entities.
	838	+	c. Public bodies, departments, or authorities ,
	839	+	including, but not limited to, the executive departments of
826	840		the state, to act on behalf of the board in carrying out
827	841		functions which the board determines are consistent with the
828	842		corporation's powers.
829	843		(2) Without limiting the foregoing, the corporation may
830	844		enter into an agreement with the Alabama Department of
831	845		Economic and Community Affairs pursuant to which the
832	846		corporation may exercise all rights, powers, and obligations
833	847		of the department relating to opportunity funds under Sections
834	848		40-18-6.1 and 41-10-46.01. Project agreements under Section
835		-	40-18-6.1, shall not be required to comply with Section
836		-	40-18-6.1(c). Project agreements under Sections 40-18-6.1 and
837		-	41-10-46.01 include investments in qualified opportunity zones
838		-	as defined in 26 U.S.C. § 1400Z-1 and low-income communities
839		-	as defined in 26 U.S.C. § 45D(e) as those communities were
840		-	identified as of January 1, 2015, or in such a community
841		-	identified thereafter .
842		-	(e) The corporation shall be, and shall operate as, a
843		-	public corporation and shall have a legal existence separate
844		-	and apart from the state and any county, municipality, or
845		-	political subdivision.
846		-	(f) Members of the board shall be subject to Chapter 25
847		-	of Title 36, but the corporation shall not be deemed to have
848		-	statewide jurisdiction for purposes of Section 36-25-14. For
849		-	the purposes of Chapter 25 of Title 36, the corporation shall
850		-	not be deemed a business, and a public official or public
851		-	employee holding a position with the corporation is not
852		-	precluded from taking official actions affecting the
853		-	corporation so long as there is no impermissible personal
854		-	gain. The board shall be subject to Chapter 25A of Title 36."
855	849		393
856	850		394
857	851		395
858	852		396
859	853		397
860	854		398
861	855		399
862	856		400
863	857		401
864	858		402
865	859		403
866	860		404
867	861		405
868	862		406
869	863		407
870	864		408
871	865		409
872	866		410
873	867		411
874	868		412
875	869		413
876	870		414
877	871		415
878	872		416
879	873		417
880	874		418
881	875		419
882		-	420 HB441 ~~Enrolled~~
	876	+	420 HB441 INTRODUCED
883	877		Page 16
	878	+	40-18-6.1 and 41-10-46.01. Project agreements under Section
	879	+	40-18-6.1, shall not be required to comply with Section
	880	+	40-18-6.1(c). Project agreements under Sections 40-18-6.1 and
	881	+	41-10-46.01 include investments in qualified opportunity zones
	882	+	as defined in 26 U.S.C. § 1400Z-1 and low-income communities
	883	+	as defined in 26 U.S.C. § 45D(e) as those communities were
	884	+	identified as of January 1, 2015, or in such a community
	885	+	identified thereafter .
	886	+	(e) The corporation shall be, and shall operate as, a
	887	+	public corporation and shall have a legal existence separate
	888	+	and apart from the state and any county, municipality, or
	889	+	political subdivision.
	890	+	(f) Members of the board shall be subject to Chapter 25
	891	+	of Title 36, but the corporation shall not be deemed to have
	892	+	statewide jurisdiction for purposes of Section 36-25-14. For
	893	+	the purposes of Chapter 25 of Title 36, the corporation shall
	894	+	not be deemed a business, and a public official or public
	895	+	employee holding a position with the corporation is not
	896	+	precluded from taking official actions affecting the
	897	+	corporation so long as there is no impermissible personal
884	898		gain. The board shall be subject to Chapter 25A of Title 36."
885	899		"§41-10-842
886	900		(a) An economic development organization may apply to
887	901		Innovate Alabama for Innovating Alabama tax credits to
888	902		undertake any of the following projects:
889	903		(1) The creation, operation, or support of an
890	904		accelerator for technology companies, provided that the
891	905		application is accompanied by an economic impact report.
892	906		Technology companies shall include companies that earn or
893		-	reasonably expect to earn at least 75 percent of their
894		-	revenues from sources described in Section 40-18-376.3(c)(1).
895		-	(2) The creation, operation, or support of programs
896		-	designed to provide funding, workforce development, or other
897		-	resources for an innovative company that meets either of the
898		-	following criteria:
899		-	a. The company is a for-profit business headquartered
900		-	in a community eligible for investment through the federal New
901		-	Markets Tax Credit program under 26 U.S.C. § 45D(e) as those
902		-	communities were identified as of January 1, 2015, or in such
903		-	a community identified thereafter , predominantly conducting an
904		-	activity in an innovative industry, has fewer than 15
905		-	employees at the time the funding agreement is executed, and
906		-	has average gross revenues of less than one million dollars
907		-	($1,000,000) in the company three years prior to the execution
908		-	of the funding agreement.
909		-	b. The company is a for-profit business that is
910		-	headquartered in Alabama, predominantly conducting an activity
911		-	in an innovative industry, has fewer than 75 employees at the
912		-	time the funding agreement is executed, and that is at least
913	907		421
914	908		422
915	909		423
916	910		424
917	911		425
918	912		426
919	913		427
920	914		428
921	915		429
922	916		430
923	917		431
924	918		432
925	919		433
926	920		434
927	921		435
928	922		436
929	923		437
930	924		438
931	925		439
932	926		440
933	927		441
934	928		442
935	929		443
936	930		444
937	931		445
938	932		446
939	933		447
940		-	448 HB441 ~~Enrolled~~
	934	+	448 HB441 INTRODUCED
941	935		Page 17
	936	+	Technology companies shall include companies that earn or
	937	+	reasonably expect to earn at least 75 percent of their
	938	+	revenues from sources described in Section 40-18-376.3(c)(1).
	939	+	(2) The creation, operation, or support of programs
	940	+	designed to provide funding, workforce development, or other
	941	+	resources for an innovative company that meets either of the
	942	+	following criteria:
	943	+	a. The company is a for-profit business headquartered
	944	+	in a community eligible for investment through the federal New
	945	+	Markets Tax Credit program under 26 U.S.C. § 45D(e) as those
	946	+	communities were identified as of January 1, 2015, or in such
	947	+	a community identified thereafter , predominantly conducting an
	948	+	activity in an innovative industry, has fewer than 15
	949	+	employees at the time the funding agreement is executed, and
	950	+	has average gross revenues of less than one million dollars
	951	+	($1,000,000) in the company three years prior to the execution
	952	+	of the funding agreement.
	953	+	b. The company is a for-profit business that is
	954	+	headquartered in Alabama, predominantly conducting an activity
	955	+	in an innovative industry, has fewer than 75 employees at the
942	956		time the funding agreement is executed, and that is at least
943	957		51 percent owned and controlled by one or more individuals who
944	958		are United States Citizens and who are women or African
945	959		American. As used in this subdivision, an innovative industry
946	960		includes advanced manufacturing, aerospace, agriculture,
947	961		bioscience, biotechnology, electronics, energy and natural
948	962		resources, engineering, life sciences, and information
949	963		technology industries, and any other innovative industry as
950	964		determined by Innovate Alabama in its sole discretion.
951		-	(b) The application provided in subsection (a) shall
952		-	include proof that the economic development organization has
953		-	in full force and effect a conflict of interest policy
954		-	consistent with that found in the instructions to Form 1023
955		-	issued by the Internal Revenue Service.
956		-	(c) The application provided in subsection (a) shall
957		-	include a notarized affirmation by an officer of the economic
958		-	development organization that the submission of the
959		-	application did not violate the conflict of interest policy
960		-	referred to in subsection (b)."
961		-	Section 2. This act shall become effective on June 1,
962		-	2024.
963	965		449
964	966		450
965	967		451
966	968		452
967	969		453
968	970		454
969	971		455
970	972		456
971	973		457
972	974		458
973	975		459
974	976		460
975	977		461
976	978		462
977	979		463
978	980		464
979	981		465
980	982		466
981	983		467
982		-	468 HB441 Enrolled
983		-	Page 18
984		-	2024.
985		-	________________________________________________
986		-	Speaker of the House of Representatives
987		-	________________________________________________
988		-	President and Presiding Officer of the Senate
989		-	House of Representatives
990		-	I hereby certify that the within Act originated in and
991		-	was passed by the House 30-Apr-24.
992		-	John Treadwell
993		-	Clerk
994		-	Senate 08-May-24 Passed
	984	+	468
995	985		469
996	986		470
997	987		471
998	988		472
999	989		473
1000	990		474
1001	991		475
1002		-	476
	992	+	476 HB441 INTRODUCED
	993	+	Page 18
	994	+	determined by Innovate Alabama in its sole discretion.
	995	+	(b) The application provided in subsection (a) shall
	996	+	include proof that the economic development organization has
	997	+	in full force and effect a conflict of interest policy
	998	+	consistent with that found in the instructions to Form 1023
	999	+	issued by the Internal Revenue Service.
	1000	+	(c) The application provided in subsection (a) shall
	1001	+	include a notarized affirmation by an officer of the economic
	1002	+	development organization that the submission of the
	1003	+	application did not violate the conflict of interest policy
	1004	+	referred to in subsection (b)."
	1005	+	Section 2. This act shall become effective on June 1,
	1006	+	2024.
1003	1007		477
1004	1008		478
1005	1009		479
1006	1010		480
1007	1011		481
1008	1012		482
1009	1013		483
1010	1014		484
1011	1015		485
1012	1016		486
1013	1017		487
1014	1018		488
1015		-	489
1016		-	490
1017		-	491
1018		-	492
1019		-	493
1020		-	494
1021		-	495
1022		-	496
1023		-	497
1024		-	498
1025		-	499