FISCAL NOTE

Senate Bill 339 as introduced creates the Alabama Innovation Corporation, a public corporation responsible for promoting entrepreneurship and innovation within the state, which will be governed by a 7-member board of directors who shall not be compensated but may be reimbursed for expenses incurred in the performance of their duties. Additionally, this bill provides that the corporation may hire and compensate employees and contract for services.

This bill also establishes the Alabama Innovation Fund, which may be funded by Legislative appropriation, revenue sources directed by the Legislature, or the receipt of any gifts, grants, or contributions. This bill provides that the Corporation shall have full authority to invest any monies available in the fund for the permanent generation and disposition of the fund's financial resources.

In addition, this bill will increase the administrative obligations of the Department of Examiners of Public Accounts to conduct annual audits of the Alabama Innovation Fund.