HB292INTRODUCED
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HB292
6VSQZ31-1
By Representative Rafferty
RFD: Economic Development and Tourism
First Read: 18-Feb-25
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5 6VSQZ31-1 12/27/2024 PMG (L)tgw 2024-2880
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First Read: 18-Feb-25
SYNOPSIS:
Under existing law, the Alabama Department of
Commerce is required to publish on its website certain
information about economic development incentives
awarded under the Alabama Jobs Act.
This bill would require the department to
publish all repayment of economic incentives due to
failure of an incentivized company to comply with the
terms of a project agreement.
A BILL
TO BE ENTITLED
AN ACT
Relating to economic development; to amend Section
40-18-379.1 of the Code of Alabama 1975, to require the
Department of Commerce to publish all repayment of economic
development incentives awarded under the Alabama Jobs Act due
to failure of an incentivized company to comply with the terms
of a project agreement.
BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
Section 1. Section 40-18-379.1, Code of Alabama 1975,
is amended to read as follows:
"§40-18-379.1
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"§40-18-379.1
The Department of Commerce shall publish all of the
following information on its website:
(1) For each project incentivized under this article:
a. The name of the incentivized company.
b. The county of the qualifying project.
c. The estimated capital investment.
d. The estimated number of new jobs.
e. The estimated average hourly wage.
f. The estimated value of the jobs credit.
g. The estimated value of the investment credit.
h. The projected 10-year and 20-year return on
incentives.
i. The value of any cash incentive that was committed.
j. The value of any repayment of tax incentives awarded
to a company due to failure to comply with the terms of the
project agreement by the incentivized company.
(2) Aggregated performance data on all projects
incentivized under this article."
Section 2. This act shall become effective on October
1, 2025.
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