Tax abatement and tax incentive programs, NAICS Code references and definitions updated to latest terms
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Progress
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- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill updates Alabama’s tax abatement and incentive programs to align with the latest economic classifications and terminology. It removes references to the outdated ‘Accelerate Alabama’ plan and incorporates the 2022 North American Industry Classification System (NAICS) codes. The bill also makes technical revisions to existing code language to ensure clarity and consistency, aiming to streamline the process for businesses seeking tax incentives.
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