The House of Representatives voted Thursday to renew the Alabama Jobs Act and Growing Alabama.
HB 192 by Rep. Bill Poole, R-Tuscaloosa, extends the popular economic development tools to 2023. The legislation, which was approved by a 94-1 vote, was updated to add more incentives and credits for rural Alabama. It allocates $20 million per year for targeted and jumpstart counties. Targeted counties are defined as having a population of 50,000 or less. Jumpstart counties are those experiencing negative population growth over the last five years, which contain no more than two opportunity zones as of June 1, 2019.
The bill also adds new tax credit opportunities for certain minority- and female-owned businesses as well as manufacturers and researchers in the medical and pharmaceutical fields.
The Alabama Jobs Act and Growing Alabama expired last year. Renewing the laws, which are vital to industrial recruitment, is a priority for Gov. Kay Ivey and legislative leadership.