Streamlined Tax Incentives to Recruit and Retain Jobs
* This constitutional amendment would give the Alabama Development Office and the Governor more flexibility in offering tax incentives to land major economic development projects, and retain those companies that might otherwise relocate outside Alabama
“Made in Alabama” Job Incentives Act
* Recommended by the Speaker’s Commission on Job Creation and passed into law in the 2011 Regular Session, this measure allows the state to offer temporary state income tax incentives to offset build-up phase tariff costs for international companies bringing jobs to the state.
* As a direct result of this legislation, literally hundreds of foreign-based companies representing thousands of jobs expressed interest in locating their North American facilities in Alabama.
* Unfortunately, the Alabama Education Association is suing to block the law, creating uncertainty for businesses that could take advantage of the incentive.
Data Processing Center Economic Incentive Enhancement
* Data processing centers are unique components of a 21st century economy. These centers employ a skilled workforce, provide high-paying jobs, and have a low environmental footprint. This proposal would expand the scope of certain tax incentives in order to focus on recruiting more data processing centers to Alabama.
Tax Incentives for Hiring Veterans Returning from War
* With wars winding down in Iraq and Afghanistan, thousands of Alabama veterans will soon return home to a stagnant economy in which it is difficult to find a job.
* This proposal would offer Alabama businesses a $1000-$2000 tax credit for hiring a veteran recently returned from war.
Making Workforce Development Work for the Unemployed
* Thousands of unemployed Alabamians are able – but not trained – to enter into available good-paying skilled-labor jobs, such as construction, welding, plumbing and machine maintenance.
* We will make the necessary investments that afford our two-year college system the resources they need to meet Alabama’s jobless with Alabama jobs.
* It would also offer veterans a $1500 tax credit for starting their own business.
Alabama Regulatory Flexibility Act
* The Alabama Regulatory Flexibility Act would require each state agency to prepare an economic impact analysis as well as a regulatory flexibility analysis prior to the adoption of any proposed regulation that may have an adverse impact on small businesses.
Legislation Establishing a Small Business Financing Authority
* One of the top inhibitors small business development and growth is access to capital. Loans are increasingly difficult to come by even for good candidates with solid business plans.
* A key recommendation of the Speaker’s Commission on Job Creation, this authority would assist small businesses with financing issues by making direct loans, helping small businesses attract more banking partners, and meeting a variety of credit-related needs.
* Other states have created small business financing authorities. In Virginia, for example, the return on investment has been $5.81 for every state dollar loaned to a small business. Using that calculation, a one-time appropriation of $5 million would allow the state to assist more than 200 small businesses and generate $35 million in private equity and credit in the first year the loans are made.
Creation the Alabama Sales, Use, and Lease Tax Simplification Task Force
* The Alabama Sales, Use and Lease Tax Simplification Task Force would be a twenty-member panel required to study the issue of streamlining and simplifying the administration and remittance of sales, use and lease taxes.