Relating to the Tax Incentive Reform Act; to authorize a public industrial authority to grant abatements for international headquarters of publicly traded companies

HB 620 authorizes public industrial authorities to grant property tax abatements to retain the international headquarters of certain publicly traded companies. To qualify, a company must have at least 300 employees in the jurisdiction, a cumulative capital investment of over $200 million in Alabama, and have been located in a designated research park for at least 20 years. The company's international headquarters must also have operations in other nations with more than 100 employees. If eligible, the authority may grant an abatement of ad valorem taxes, excluding education taxes, not exceeding $100,000 annually or for a period longer than 10 years.