The Senate Finance and Taxation Education (F&TE) Committee is expected to consider legislation Tuesday which would encourage rural job creation and economic development projects like the Alabama Farm Center.
HB 540 by Rep. Bill Poole, R-Tuscaloosa, would enhance the existing Alabama Jobs Act by expanding investment credits to rural projects creating at least 10 new jobs. The bill changes the definition of rural counties to include those with populations of less than 50,000, thereby expanding Jobs Act benefits to 13 additional counties.
Known as the Alabama Incentives Modernization Act, the bill would provide incentives to offset income, premium, utility and financial institution excise taxes. It also would expand the Opportunity Zone program and reduce capital gains taxes for investment in those areas. The bill does not increase the caps on amounts allowed under the Jobs Act or Growing Alabama Credit.
The F&TE Committee meeting is set for 2:30 p.m.