The bill adds Section 4-3-47.1 to the Code of Alabama 1975, granting airport authorities the authority to engage in various business entities, including corporations, partnerships, or joint ventures, as either general or limited partners, shareholders, or members. This participation is specifically related to airport operations, land acquisitions, and other activities that support the authority's functions. Additionally, the bill allows airport authorities to create subsidiaries and affiliates, and to engage in financial activities such as loans and contributions to capital for these entities.

Importantly, the bill stipulates that any corporation, partnership, or joint venture formed under this new section will not possess the power of eminent domain. The act is set to take effect on June 1, 2024. The legislative process included amendments in the Senate on April 9, 2024, and subsequent concurrence by the House on April 16, 2024.