This bill introduces a new section, Section 4-3-47.1, to the Code of Alabama 1975, which allows airport authorities to participate in various business entities related to airport operations, land acquisitions, and activities incidental to the operation of the authority. Specifically, airport authorities are authorized to become general or limited partners, shareholders, or members in corporations, partnerships, or joint ventures. They are also permitted to create, establish, acquire, operate, or support subsidiaries and affiliates, whether for profit or nonprofit, to assist in fulfilling their purposes. The bill also allows airport authorities to engage in financial activities such as making loans, contributing to capital, arranging for debt and equity financing, and guaranteeing loans for purposes incidental to their operation.

The bill includes a provision that any corporation, partnership, or joint venture established under this new section shall not have the power of eminent domain. This means that these entities cannot take private property for public use without the owner's consent. The bill, designated as HB87 Enrolled, has undergone amendments and passage in both the House and the Senate, with the Senate amending and passing it on April 9, 2024, and the House concurring in the Senate amendment on April 16, 2024. The act is set to become effective on June 1, 2024.