Alabama Senate Passes Two Pieces of Priority Economic Development Legislation

Two bills that will greatly influence Alabama’s economic growth, HB 540 and HB 609, have been passed by the Alabama Senate. 

 The first bill, HB 540, would establish the Alabama Innovation Corporation. This corporation would help promote specific initiatives and bring access to advanced tech skills that are the backbone of the modern workforce. Overall, the corporation would greatly enhance technology and innovation for businesses all over the state. 

 “Through the establishment of this statewide commission, we will be able to focus in on the innovation, technology, and entrepreneurship-related issues that will be critical in giving Alabama the tools needed to grow our economy and allow our state to continue to be a great place to do business,” said State Senator Greg Reed. 

 The creation of the Innovate Alabama Matching Grant Program would be made possible by HB 609 – the second bill passed by the Senate. 

 The Innovate Matching Grant Program would promote research and development for small businesses across the state by matching federal awards to Alabama-based Small Business Innovation Research (SBIR) or Small Business Technology Transfer Research (STTR) recipients. 

 “These economic development incentives will allow the state of Alabama to match grants from the federal government to encourage businesses, entrepreneurs and employers to come to Alabama [and] make our state home,” Reed said. 78