By Brandon Moseley
Alabama Political Reporter
The National Coalition For Capital (NCFC) has given awards to Alabama Speaker of the House Mike Hubbard (R) from Auburn, Alabama State Senator Slade Blackwell (R) from Mountain Brook, and Rep. Jamie Ison (R) from Mobile for their role in passing New Markets legislation that encourages investment in depressed areas like Alabama’s crumbling inner cities and the impoverished Black Belt region.
Speaker Hubbard said, “Until we begin bringing new jobs and opportunity to our inner cities, the Black Belt and other impoverished areas, Alabama will never reach its full potential as a state.” Hubbard said. “The New Markets program is a targeted program that embraces the Republican belief in using common sense tax incentives and market-driven strategies to jump start our economy.”
The National Coalition for Capital’s, Tony Toups presented the award to Speaker Hubbard. Toups said that Louisiana has attrated more than $1.5 billion in new investments from enacting a similar program and Mississippi has generated $500 million.
There is already a federal New Markets program. Speaker Hubbard’s legislation created a state investment tax program to go along with the federal program. Hubbard said that the federal program has incentivised $30 billion in private investments during the last decade.
Investors who invest in qualified developments in impoverished areas like Alabama’s struggling major cities and the Black Belt will get a future tax credit spread out over the next seven years. Hubbard said, “The credit will make available $240 million of private capital for investment into qualified businesses in urban and rural areas almost immediately. The law requires that the capital be deployed over the next 12 to 16 months.”
The NCFC is a non-profit, nationwide coalition that supports economic development and job creation by encouraging policies that give entrepreneurs and emerging companies access to capital. The NCFC also provides their expertise for startup companies and government leaders.
Alabama partners include the Chamber of Commerce Associations of Alabama, the Alabama Coalition for Capitol, and the Business Council of Alabama.
Speaker Mike Hubbard is the first Republican to serve as Speaker of the Alabama House of Representatives since the 1870s.
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