Port Of Mobile To Get Funds, Incentive

Gov. Kay Ivey has signed a $20-million investment in the Alabama State Port Authority for upgrades to the McDuffie Coal Terminal at the Port of Mobile into law, AL.com reports. The money is part of the $3-billion General Fund budget and will be used to upgrade the coal terminal from an import terminal to an export terminal, as reliance on thermal coal in the state wanes and demand for metallurgical coal, mined in the Tuscaloosa region, increases worldwide. In addition, Ivey signed House Bill 293, which expands the credits Alabama businesses can receive for using the ports in Alabama for cargo, into law. The bill changes the calculation of the incentive to factor in the net increase in the cargo volume moving through the port. The more a company increases cargo volume, the bigger credit it can receive per cargo unit. The new incentive law will take effect in 2024.