The bill amends Section 40-18-374 of the Alabama Jobs Act to introduce provisions for the recapture of jobs act incentives awarded to incentivized companies. Specifically, it stipulates that these incentives may be recaptured if the incentivized company or a related company is found to have engaged in human trafficking violations or violated the Fair Labor Standards Act of 1938. The new legal language inserted into the current law includes references to human trafficking laws and federal child labor provisions, emphasizing the importance of compliance with these regulations for companies receiving incentives.

Additionally, the bill maintains the existing framework for project agreements between the Governor and incentivized companies, which outlines various details such as the location, activities, and financial commitments associated with the qualifying project. The Governor retains the authority to adjust the amounts and durations of the incentives to ensure that state revenues exceed the tax incentives granted. The act is set to take effect on October 1, 2024.

Statutes affected:
Introduced: 40-18-374
Engrossed: 40-18-374