Governor Bentley Signs Alabama Renewal Act

bentley-tiff.jpgGovernor Robert Bentley on Friday joined other state and local leaders at the Port of Mobile to sign the Alabama Renewal Act into law. The legislation, part of the state’s continued commitment to job creation, creates two new tools for increasing economic development.

The Alabama Renewal Act increases the availability of shovel-ready land sites for economic development through the use of the Growing Alabama Credit. The funds are limited to $5 million in 2016 and $10 million in 2017 through 2020.  Each year, 25% of the funds must be set aside for projects in rural counties. Second, the legislation helps increase cargo traffic at the state’s port facilities with a new Port Credit that will help Alabama businesses increase new opportunities around the world. The Port of Mobile is the 9th largest seaport in the United States, and it provides over 127,000 direct and indirect jobs.

“The Port of Mobile is a critical and valuable asset for industrial transportation of goods on the global market,” Governor Bentley said. “The signing of the Alabama Renewal Act is another clear signal that Alabama is serious about economic development and remains competitive nationwide. 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.”

The legislation was sponsored by State Representative Mac McCutcheon (R-Huntsville) and State Senator Greg Reed (R-Jasper).

“I would like to thank Governor Bentley and the members of the Legislature for supporting this bill,” Rep. McCutcheon said. “This measure will not only stimulate economic growth in our state but also promote the use of our state docks, which are second to none in the world.”

“Our economy is improving, and I am committed to doing everything possible to create more jobs, especially in rural Alabama,” Sen. Reed said. “The Alabama Renewal Act will help us achieve that goal while being fiscally responsible to taxpayers.”

Categories: Statewide