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Senator Weaver outlines HB243 to create Alabama Development Fund funded by portion of abated taxes
Summary
Senator Weaver said HB243 would create an Alabama Development Fund to capture a small portion of tax abatements for future projects, saying the plan would not raise new taxes or affect the general fund.
Senator Weaver, carrying HB243 for Representative Witt and the Department of Commerce, described a bill to establish an "Alabama Development Fund," funded by diverting a small portion of sales tax abatement proceeds to a new account for economic development projects.
"This bill creates the Alabama Development Fund, which develops a very creative and out of the box funding mechanism," Senator Weaver said, adding that the proposal would not impose new taxes or affect the general fund. She said the change would reduce the state sales tax abatement by 0.75 percentage points and place the collected proceeds into the new fund. "So the company that's being recruited will pay for this fee. It will reduce the state sales tax abatement by point 75% and, we can put it in that new fund," Weaver said.
No formal vote or further procedural action on HB243 is recorded in the transcript excerpt provided. Questions were invited and the senator offered to "intervene" with the Department of Commerce for details.
The bill was identified as carried on behalf of Representative Witt; the transcript did not include statutory language, a committee recommendation, a vote tally, or a fiscal note in the excerpt.
