MOBILE, Alabama – At a ceremony this morning at the Port of Mobile, Governor Robert Bentley signed the Alabama Renewal Act into law, giving the state’s economic development team new tools as they pursue new jobs and investment.
“The signing of the Alabama Renewal Act is another clear signal that Alabama is serious about economic development and remains competitive nationwide,” said Governor Bentley, who was joined by state and local officials at the APM Terminals at the deep-water port.
“We have made great strides in how we recruit and retain companies in our state, and I am pleased to sign the Alabama Renewal Act to continue our efforts of job creation and promotion of our ’Made In Alabama’ brand,” he added.
The Renewal Act has two central features. The first is a “port credit” meant to stimulate cargo traffic at Alabama facilities such as the Port of Mobile and at airports that handle cargo. The 4,000-acre Mobile seaport is one of the nation’s busiest, handling more than 50 million tons of cargo annually.
The second is called the “Growing Alabama Credit,” which allows local economic development organizations to accept donations for purposes such as site preparation and infrastructure improvements. At least one-quarter of the credit is reserved for Alabama counties targeted as part of an initiative to spur economic development in rural areas.
EXPANDING ‘MADE IN ALABAMA’
The Renewal Act builds on 2015’s “Made In Alabama” economic incentive package to provide additional pay-as-you-go incentives to encourage business expansions and the construction of new operations.
The legislation was sponsored by state Rep. Mac McCutcheon (R-Huntsville) and state Sen. Greg Reed (R-Jasper), and supported by the Alabama Department of Commerce.
“The Alabama Renewal Act will enhance the competitiveness of our economy,” Commerce Secretary Greg Canfield said. “We are thankful for the legislature giving our state another tool we can use to facilitate growth and expand Alabama’s employment base.”