Alabama 2024 Regular Session

Alabama Senate Bill SB315

Introduced
4/9/24  
Introduced
4/9/24  
Report Pass
4/17/24  
Refer
4/9/24  
Refer
4/23/24  
Report Pass
4/17/24  
Refer
4/25/24  
Refer
4/23/24  
Report Pass
5/1/24  
Refer
4/25/24  
Enrolled
5/7/24  
Report Pass
5/1/24  
Passed
5/17/24  
Enrolled
5/7/24  
Passed
5/17/24  

Caption

Alabama Rural, Agribusiness, and Opportunity Zone Jobs Act; certain state matching capital loans authorized, subject to appropriation

Impact

The implications of SB315 on state laws include amendments to existing statutes related to financial assistance and investment strategies targeting growth funds. The act allows for the issuance of state matching capital, contingent upon a specified appropriation, thereby facilitating government partnerships in bolstering local economies. Notably, this legislation seeks to repeal earlier segments of the law which pertained to federal funding from the American Rescue Plan, marking a shift towards a more localized approach to economic development and business support.

Summary

SB315, also known as the Alabama Rural, Agribusiness, and Opportunity Zone Jobs Act, aims to provide state matching capital loans to certified growth funds for the purpose of making finance more accessible to rural and minority owned businesses across Alabama. This legislation seeks to stimulate economic growth through targeted investments, particularly in areas identified as growth zones, which include rural counties with populations under 50,000 and qualified opportunity zones. By enhancing access to capital, SB315 intends to foster job creation and retention, particularly in sectors critical to Alabama's economic landscape such as agribusiness.

Sentiment

Overall, the sentiment surrounding SB315 appears to be positive among proponents who view it as a necessary step towards revitalizing economically disadvantaged areas and supporting minority entrepreneurs. Supporters argue that by increasing investment opportunities in rural communities and minority-owned businesses, the bill can lead to sustainable economic improvement. However, there may be concerns regarding the effective execution of these provisions and whether they will truly bridge the investment gap for the intended beneficiaries.

Contention

While SB315 has garnered support, the approach of relying on state matching capital loans raises questions about efficiency and the long-term sustainability of funding models. Critics might point out potential oversights related to ensuring proper oversight of the growth funds and the allocation of investments, as well as the challenge of measuring the success of job creation based on the stipulations laid out in the bill. Additionally, ensuring that these investments reach the most marginalized communities will be crucial in addressing economic disparities, which must be carefully monitored during implementation.

Companion Bills

No companion bills found.

Previously Filed As

AL HB467

Relating to the Alabama Rural, Agribusiness, and Opportunity Zone Jobs Act; to amend Sections 40-9H-2 and 40-9H-3, Code of Alabama 1975; to authorize the issuance of state matching capital to certified growth funds to make capital accessible to rural and minority owned businesses.

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 HB413

Georgia Agribusiness and Rural Jobs Act; second round of funding and period for applications; provide

AL HB169

To make appropriations for the support, maintenance and development of public education in Alabama, for debt service, and for capital outlay for the fiscal year ending September 30, 2024.

AL SB164

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 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 SB125

Making and concerning supplemental appropriations for fiscal year 2025 and appropriations for fiscal years 2026 and 2027 for various state agencies, authorizing certain capital improvement projects and fees, authorizing certain transfers authorizing the payment of certain claims against the state.

AL HB4246

Appropriations: department of labor and economic opportunity; appropriations for fiscal year 2023-2024; provide for. Creates appropriation act.

AL HB2170

Establishes the "Missouri Rural Access to Capital Act" to promote rural economic development

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