House, Senate finalize economic development bills

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Two Alabama economic development bills aimed at bringing new jobs to the state are closer to becoming law.

Alabama lawmakers on Thursday passed legislation to revamp how the state offers economic incentives to companies.

The Alabama Jobs Act would create a pay-as-you-go model for tax abatements and other benefits offered to companies that create jobs or capital investment in the state. Alabama’s present model offers incentives upfront.

The bill now goes to Gov. Robert Bentley.

The Alabama Veterans and Targeted Counties Act would provide extra incentives for companies that move to rural counties or employ a certain percentage of veterans.

Legislators debated how to define “rural county” before deciding on a population of less than 25,000 people.

The bill, passed by the Senate, now goes back to the House.

Republished with permission of the Associated Press. 

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