The Alabama Legislature’s 2021 regular session adjourned sine die (we love that phrase!) at midnight on May 17 and should go down in the annals of economic development history as a very productive one. This column summarizes the three incentives bills that passed, and hopefully gives CPAs at least a guide as to what to study further (or consult one of Bradley’s Econ Dev Practice Group members) if they learn that a client is considering expanding or building a new facility in the state, or conducting qualified research, or hiring more workers generally, or especially, hiring minorities, veterans, or women. Or the client might qualify as a small business located in a low-income or “jumpstart” community.
Most importantly, Governor Ivey signed omnibus House Bill 192 into law as Act 2021-2, retroactively renewing and expanding the scope of the Growing Alabama Credit and the Alabama Jobs Act, both of which expired last year. Both programs are vital to Alabama’s ability to continue to attract innovative industries and high-paying jobs to the state. The Act also renewed the so-called Port Credit for businesses that import/export general and containerized cargo at Alabama’s port facilities. It also added a credit for roll-on/roll-off activities for the export of automotive vehicles—a big win for our burgeoning automotive industry.
The full article (pg 20-21) was published in the ASCPA's Connections magazine July/August 2021 Issue.