As part of the state’s continued commitment to job creation the legislation creates two new tools for increasing economic development: it will “increase the availability of shovel-ready land sites for job creation” and “stimulate cargo traffic at the state’s port facilities and connect Alabama businesses to new opportunities around the world via a new Port Credit.”
Because most states already offer such incentives, the new legislation will make Alabama more competitive by providing more options for luring in large companies and new jobs.
“The Port of Mobile is a critical and valuable asset for industrial transportation of goods on the global market,” Bentley said at the event. “The signing of the Alabama Renewal Act is another clear signal that Alabama is serious about economic development and remains competitive nationwide. We have made great strides in how we recruit and retain companies in our state, and I am pleased to sign the Alabama Renewal Act to continue our efforts of job creation and promotion of our ’Made In Alabama’ brand.”
“I would like to thank Governor Bentley and the members of the Legislature for supporting this bill,” McCutcheon said. “This measure will not only stimulate economic growth in our state but also promote the use of our state docks, which are second to none in the world.”
“Our economy is improving, and I am committed to doing everything possible to create more jobs, especially in rural Alabama,” said Reed. “The Alabama Renewal Act will help us achieve that goal while being fiscally responsible to taxpayers.”