The bill amends Sections 40-18-417.1, 40-18-417.2, and 40-18-417.3 of the Code of Alabama 1975, focusing on the Growing Alabama Act. Key changes include allowing sites owned by one or more local economic development organizations to qualify for Growing Alabama tax credits, provided that all parties listed on the deed are eligible applicants. The language has been updated to replace "aone" with "one or more" in the definition of "site," and "the economic development organization" has been changed to "each applicant or co-applicant" to clarify application requirements. Additionally, applications for funding must be jointly submitted by all site owners, and each co-applicant is required to provide a conflict of interest policy. The application process has been refined to include specific requirements for economic impact reports and estimates of job creation and capital investment.

The bill also introduces amendments to enhance the approval and oversight of funding for economic development organizations. It replaces "economic development organization" with "applicants or co-applicants," expanding the scope of entities involved in the funding process. Co-applicants are made jointly and severally liable for the proper use of funds and submission of required reports. The Department of Commerce is tasked with entering into agreements with co-applicants, outlining fund usage conditions and reporting requirements. Furthermore, the Department of Commerce must notify the Department of Revenue about approved applications and publish a list of these applications on its website. The act is set to take effect on June 1, 2026, aiming to improve accountability and transparency in the funding process for economic development initiatives.

Statutes affected:
Introduced: 40-18-417, 40-18-417, 40-18-417
Enrolled: 40-18-417, 40-18-417, 40-18-417