HB518 – Alabama Session 2022

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In committee

Invoice Summary

Session

Ordinary session 2022

Title

Economic Development, to establish a micro-loan program for small businesses, to establish a micro-loan tax credit for the benefit of the micro-loan program, s. 41-10-840 to 41-10-843, inclusive, added.

The description

Under current law, there is no provision for a tax credit-funded program that provides micro-loans to qualifying small businesses.

This bill would create a Small Business Micro Loan Program to provide micro loans to qualifying small businesses in Alabama and provide micro loan tax credits to fund the Alabama Small Business Micro Loan Program. ‘Alabama.

Regarding economic development, add section 22, beginning with section 41-10-840, to chapter 10 of title 41, Code of Alabama 1975; create a small business micro-loan program to provide micro-loans to eligible small businesses; and establish a micro-loan tax credit for the small business micro-loan program.

Topics

Economic development

Billing Actions

Intervention date Bedroom action
March 17, 2022 H First read and referred to the House of Representatives Committee on Ways and Means Education

Invoice text

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