Tag: business tax credit

AL Legislature Moving Quickly On Key Reforms

Since gaveling into session on March 1, 2011, the new GOP-controlled Alabama legislature has acted swiftly to get much-needed reform measures passed. The first and one of the most important of these was Rep. Greg Canfield’s Rolling Reserve Budget Act. Changing the way we budget the Education Trust Fund, Canfield’s bill will prevent proration in tough years. Legislators have also taken steps to restore fiscal responsibility to the state’s budget through the repeal of the state’s Deferred Retirement Option Program which will save taxpayers $70 million in additional benefits to state employees who work beyond retirement age.

Back in December they passed a complete overhaul of state ethics laws, and are continuing to strengthen them through legislation like Rep. Mike Ball’s HB58 requiring public officials/candidates and spouses of public officials/candidates to disclose if they are employed by the state or federal government or have a contract with the state or federal government.

Now they’ve turned their focus to the increasingly serious problem of illegal immigration. The Federation of Americans for Immigration Reform estimates the cost of illegal immigrants to the state of Alabama is $270 million a year. This estimate does not include many costs such as unemployment, gang violence and other criminal activity associated with illegal immigration. Rep. Micky Hammon and Sen. Scott Beason are looking to address this problem through HB56 and SB256 respectively.

Largely under the radar have been several pieces of legislation that make Alabama a more business-friendly environment. Rep. April Weaver’s legislation to allow qualifying employees to deduct from Alabama gross income 100% of the amounts they pay as health insurance premiums, Sen. Cam Ward’s legislation to provide tax credits to businesses that create jobs, and Sen. Paul Bussman’s bill to establish a 5-year property tax exemption for small businesses that relocate or expand in Alabama will improve economic development and create more jobs.

So far, the Alabama Legislature is off to a good start. If they continue to pass constructive reform measures and conservative legislation, they will get a solid A grading from us!