On Thursday, March 19, the Alabama Senate passed House Bill 59, the Alabama Reinvestment and Abatements Act, sponsored by Sen. Phil Williams (R-Rainbow City) and Rep. Paul Lee (R-Dothan). HB59 now heads to the governor for his signature.
HB59 will encourage the growth of existing businesses by creating capital reinvestment incentives for Alabama companies that will result in more jobs for Alabama workers. Companies in certain targeted industries that spend $2 million or more to upgrade or expand their facilities will be eligible for abatements of certain utility, non-education property, and construction-related taxes.
“No one works harder than the people of Alabama. HB59 is designed to assist our existing job producers, like Goodyear, to help them see that Alabama is the best place to expand their operations,” said Williams. “It’s also designed to show the world that Alabama supports its business community.”
HB59 further provides no-cost worker training through Alabama Industrial Development Training (AIDT) for new or current employees to operate new or replacement equipment.
“Alabama has the resources, infrastructure, workforce, and training programs to be economically competitive,” said Williams. “But make no mistake: we have to compete with other states for job growth. This bill will improve our competitiveness to recruit new companies, and just as importantly, make it easier for our existing companies to grow and expand right here in Alabama.”
Senator Williams represents District 10 in the Alabama State Senate, which is comprised of all or parts of Etowah, Cherokee, St. Clair, and DeKalb counties. He and his wife, Charlene, make their home in Rainbow City.