Siegelman Highlights New Law That Will Help Revitalize Port of Alabama
Tax Break will Encourage Companies to Invest in State Docks

Gov. Don Siegelman today highlighted a new law that will encourage companies in Alabama and beyond to invest in the Port of Alabama. Senate Bill 393 provides a five percent corporate income tax credit to companies that make capital improvements in the Alabama State Docks. The credit is good annually for 20 years. He discussed the new law during a news conference at the Port of Alabama in Mobile.

“Alabama is making a new commitment to our state port: for companies that invest in the Docks, we will invest in you,” said Siegelman. “By investing in our state port, we are investing in new jobs and Alabama’s future. The Port of Alabama will be a gateway to the world for Alabama, for the Southeast and for our nation.”

The tax credit becomes effective August 1. The legislation gives a tax break to companies that make capital improvements at the State Docks. Siegelman’s Amendment One proposal will provide an additional $100 million to help revitalize Alabama’s state port.

Siegelman’s Amendment One proposal, approved by Alabama voters in November, will provide for a greater return on Alabama’s oil and gas royalty income. This income will allow Alabama to invest in roads and bridges, rebuild the state’s agriculture labs and revitalize the state port facility while promoting economic growth and expansion.

Since Siegelman took office, he has announced the creation of more than 52,000 new jobs and capital investments totaling more than $9 billion.

As required by law, Siegelman signed the legislation into law last week. The legislation was sponsored by Sen. Jack Biddle III and Sen. Tom Butler. Rep. Jeanette Greene handled the legislation in the House.