Per Birmingham Business Journal
Economic development in Alabama has a new state funding source.
The Alabama Development Fundwill become effective June 1 next year. It will retain a small portion of sales and property taxes that are abated in qualified economic development projects after that date. Those funds will be used to generate new funding for economic development.
“The Alabama Development Fund will allow us to strengthen our communities, attract new investment and ensure that Alabama remains competitive on the global stage,” Gov. Kay Ivey said.
Alabama Department of Commerce Secretary Ellen McNair said the support of the Alabama Growth Alliance was the inspiration behind this initiative.
The Alabama Growth Alliance is a group of leaders from across the state including Regions Bank CEO John Turner, Alabama Power CEO Jeff Peoples, Cooper Group President Angus Cooper, Business Council of Alabama President Helena Duncan, Bank Independent President and CEO Macke Mauldin, Great Southern Wood Preserving Chairman and CEO Jimmy Rane, Former Yellowhammer News Owner Allison Ross and Former President and U.S. Country Chair of Shell Oil Co. Bruce Culpepper.
Ivey and McNair are co-chairs of the alliance. Ex-officio members include Senate President Pro Tempore Greg Reed, Speaker of the House Nathaniel Ledbetter, Finance Director and Innovate Alabama Chair Bill Poole, Senate Minority Leader Bobby Singleton and House Minority Leader Anthony Daniels.
McNair said the project will provide sustainable funding for investing in rural assistance programs, and growing an international footprint and local initiatives to attract and maintain a quality workforce.
“It’s a smart, sustainable approach that supports economic development across every corner of our state without raising taxes or cutting vital services,” Alabama Senate President Pro Tempore Garlan Gudger said.
