Bill SB336 establishes a comprehensive framework for the creation and operation of research and development corridors in Alabama, aimed at promoting economic development through innovative projects. It allows municipalities to form these corridors as public corporations, requiring a written application from at least three qualified electors, along with necessary documentation such as a proposed certificate of incorporation. The bill exempts these corridors from certain laws, including taxation and competitive bidding requirements, to facilitate their operations. Key definitions are provided, including "qualified enterprise," which encompasses sectors like advanced manufacturing and bioscience. The bill emphasizes the importance of supporting new economic opportunities in alignment with the strategic economic development plan, Accelerate Alabama 2.0.

Additionally, the bill outlines governance structures, mandating that board membership reflects the diversity of the authorizing subdivisions and that directors serve without compensation, though they can be reimbursed for expenses. It grants corridors the authority to manage financial obligations, including the ability to issue negotiable financial obligations and enter into contracts. The bill also introduces provisions for the validation of these financial obligations, ensuring they do not create liabilities for the state or other public entities. Notably, it allows public entities to contribute funds to the corridors without voter authorization and requires annual audits for transparency. The bill includes provisions for the dissolution of corridors, ensuring that any property owned will vest in the authorizing subdivisions, and emphasizes that it does not repeal existing laws but supersedes conflicting ones.