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

Summary

The act amends several sections of the Alabama Code to modernize definitions of tax abatements, research and development corridors, and qualifying projects, updating NAICS code listings to the 2022 version and deleting references to the old Accelerate Alabama plan. It establishes new investment and job‑creation thresholds, abatement periods, and filing requirements for municipalities, public authorities, and private enterprises seeking tax incentives. The changes take effect on June 1, 2026.

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