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 of January 1, 2015, or thereafter. The bill also introduces job creation incentives and tax credits for projects that promote economic diversity. Additionally, it modifies the application process for local economic development organizations, requiring them to demonstrate the economic impact of their projects in low-income communities and defines "aspiring Alabamian" to include individuals with limited household net worth and specific educational backgrounds.

Furthermore, the bill establishes criteria for nonprofit corporations to qualify as economic development entities and outlines eligible investments for the Alabama Innovation Fund. It grants the board broad powers to implement policies that foster technology, innovation, and entrepreneurship, while emphasizing the importance of marketing the state's business climate and supporting rural initiatives. The bill also mandates the creation of an advisory committee reflecting the state's racial, gender, and geographical diversity, replacing previous language that lacked specificity. It clarifies the application process for Innovating Alabama tax credits, specifies eligibility criteria for technology companies, and ensures the corporation operates as a public entity separate from the state. 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