Four bills Gov. Kay Ivey dubbed the Game Plan, to renew and expand the tax incentives the state uses to recruit industry, won approval Wednesday in an Alabama House of Representatives committee. The bills have broad bipartisan support.
to renew and expand the tax incentives the state uses to recruit industry, won approval today in an Alabama House of Representatives committee.
“Eight years is a long time in the economic development world,” Garrett said. “So many things have changed. Our economy has changed. What other states are doing has changed.” HB241 would increase the spending cap of the Growing Alabama Act from $20 million to $35 million. The Growing Alabama Act provides tax credits for donations to economic development organizations to help with site development. Garrett said competing states, including Tennessee, Kentucky, and Virginia, are ramping up their investments.
HB247, sponsored by House Minority Leader Anthony Daniels, D-Huntsville, would create the Innovating Alabama tax credit program. Alabama taxpayers would be able to claim up to $25 million a year in tax credits for contributions to economic development organizations for investments in technology companies.
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