The bill, HB441, amends several sections of the Code of Alabama 1975 to enhance eligibility criteria for companies seeking benefits under the Growing Alabama Act, Innovating Alabama Act, and Alabama Jobs Act. Key insertions include the definition of "underrepresented company," which must now be headquartered in communities eligible for investment through the federal New Markets Tax Credit program, as identified as of January 1, 2015, or thereafter. The bill also introduces job creation incentives and tax credits for companies that create at least 10 new jobs, along with provisions for local economic development organizations to apply for funding to address site inadequacies in low-income communities. Additionally, it defines "aspiring Alabamian" as individuals with a household net worth of less than $100,000 who meet specific education and residency criteria.

Furthermore, the bill allows nonprofit corporations to qualify as economic development entities based on their officers' and staff's experiences, and it outlines eligible investments for the Alabama Innovation Fund. The board overseeing the fund is granted broad authority to implement policies supporting commercialization, entrepreneurship, and workforce development, particularly in STEM fields. The bill also promotes taxpayer donations for tax credits aimed at fostering innovation and mandates the creation of an advisory committee to ensure diverse representation. Key deletions include phrases that previously limited the board's discretion, allowing for a more flexible approach to economic development initiatives. The act is set to take effect on June 1, 2024.

Statutes affected:
Introduced: 40-18-376, 40-18-417, 41-10-801, 41-10-804, 41-10-842
Enrolled: 40-18-376, 40-18-417, 41-10-801, 41-10-804, 41-10-842