Tax abatement and tax incentive programs, NAICS Code references and definitions updated to latest terms

Summary

The law amends several sections of the Alabama Code to clarify tax‑abatement definitions, give municipalities authority to create research and development corridors, and modernize industry classifications by adopting the 2022 NAICS codes. It also strips out references to the obsolete Accelerate Alabama plan and makes technical wording updates. These changes are intended to streamline economic‑development incentives and align them with current industry standards.

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