MONTGOMERY, Ala. (AP) – A bill to change how Alabama recruits businesses to locate or expand is getting closer to the governor’s desk.
The Alabama Senate on Tuesday approved economic development legislation that would change how Alabama provides incentives to companies it’s trying to recruit. The bill passed 31-1.
The Alabama Jobs Act would create a pay-as-you-go model for funding incentives such as tax abatements and other benefits. With its existing model, the state provides funding upfront that sometimes totals in the millions.
The Senate also approved an amendment establishing an $850 million cap on incentives offered each year.
The legislation is one of several economic development bills being pushed by Gov. Robert Bentley. The governor stopped by both the House and the Senate on Tuesday to promote the package.
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