MONTGOMERY, Ala. – A significant economic development bill and Alabama Senate Republican priority today passed the State Senate. House Bill 34, sponsored by Representative Mac McCutcheon (R-Capshaw) and Senator Greg Reed (R-Jasper), builds upon last year’s “Made-in-Alabama” economic incentive legislation to provide additional, pay-as-you-go incentives for existing business expansions and new industrial projects.
“Our economy is improving and the legislature is committed to doing everything possible to create more jobs, especially in rural Alabama,” said Senator Reed. “The Alabama Renewal Act will help us achieve this goal while being fiscally responsible to taxpayers.”
The bill creates two new tools for increasing economic development. First, it will increase the availability of shovel-ready land sites for job creation through use of the Growing Alabama Credit. Second, HB34 will stimulate cargo traffic at the state’s port facilities and connect Alabama businesses to new opportunities around the world via a new Port Credit.
“Creating jobs by incentivizing companies to invest in Alabama will mean more of our citizens get to take home a respectable paycheck,” stated Representative McCutcheon. “That is the most important job we have at the Statehouse.”
Most neighboring states have similar incentives. House Bill 34 will give state economic developers greater flexibility to create incentive packages to bring more companies and jobs to the state.
“The Alabama Renewal Act will enhance the competitiveness of our economy,” said Greg Canfield, secretary of the Alabama Department of Commerce. “We are thankful for the legislature giving our state another tool we can use to facilitate growth and expand Alabama’s employment base.”
Due to a minor amendment added in the Senate, House Bill 34 will go back to the House for consideration before being transmitted to the Governor for final signature.
Greg Reed is the Alabama Senate Majority Leader and represents Senate District 5, which is comprised of all or parts of Winston, Walker, Tuscaloosa, Jefferson, and Fayette counties.