The bill amends Section 40-18-374 of the Code of Alabama 1975, which pertains to the Alabama Jobs Act, by introducing provisions for the recapture of awarded incentives under specific circumstances. The new legal language stipulates that if an incentivized company defaults on its obligations outlined in the project agreement or is found guilty of violations related to human trafficking laws or federal child labor provisions, the state may recapture all or part of the jobs act incentives awarded to that company. This addition aims to ensure compliance with ethical labor standards while maintaining the integrity of the incentive program.

In addition to the new provisions, the bill retains existing requirements for project agreements, which must include details such as the name and location of the incentivized company, the nature of the project, the incentives granted, and the anticipated wages for employees. The Governor retains the authority to adjust the amounts and durations of the incentives to ensure that state revenues exceed the tax incentives provided. The act is set to take effect on October 1, 2025.

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