HB441 is a legislative bill that amends the Code of Alabama 1975 to enhance the state's economic development and innovation efforts. The bill revises definitions and provisions related to underrepresented companies, local economic development organizations, aspiring Alabamians, and the Alabama Innovation Corporation. Key insertions include the specification of communities eligible for investment through the federal New Markets Tax Credit program as of January 1, 2015, or identified thereafter. The bill allows for an investment credit with an incentive period of up to 15 years for underrepresented companies and outlines the application process for funding to address site inadequacies. It also modifies the mandatory nature of certain terms by removing the word "shall" and provides detailed criteria for entities that can participate in fostering an innovation-based economy.

The bill grants broad powers to a board overseeing an economic development and innovation entity, allowing it to support the state's evolution into a technology and innovation hub, and to support marketing, branding, STEM education, rural innovation, and workforce development. It includes provisions for the board to manage funds, acquire property, and make necessary judgments to accomplish the corporation's purposes. The bill emphasizes diversity in the advisory committee's membership and authorizes the board to enter into agreements with various entities for economic development and innovation. It also details the corporation's ability to make contracts, operate as a public corporation separate from the state, and apply for Innovating Alabama tax credits for projects supporting technology and innovative companies. The bill is set to become effective on June 1, 2024, after being passed by the Senate on May 8, 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