ARTICLE · 18 JANUARY 2013

HB16 Would Make Significant Changes To Economic Development In Alabama

Bradley Arant Boult Cummings LLP

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HB16, the Alabama Economic Development and Fiscal Accountability Act, for the upcoming legislative session that would make substantial changes to economic development in Alabama was introduced by representative Patricia Todd.

United StatesGovernment, Public Sector

Christopher Grissom

Matthew Hinshaw

Representative Patricia Todd (D-Birmingham) has introduced HB16, the Alabama Economic Development and Fiscal Accountability Act, for the upcoming legislative session that would make substantial changes to economic development in Alabama. HB16 would cap the total value of economic development incentives at $35,000 per full-time job created and require the Alabama Department of Revenue (the "Department") to file an annual report with the Legislature that summarizes the yearly expenditures for economic development and includes the name of each recipient of more than $5,000 of economic development incentives, as well as the amount of incentives they received. HB16 would also require each county and municipality that levies a property tax to file a report annually with the Department listing each piece of real property that received property tax abatements and the amount of the reduction in revenue that the abatement caused. The municipalities and counties would be required

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