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Bill > HB241
AL HB241
AL HB241Relating to the Alabama Jobs Act and the Growing Alabama Act; to amend Sections 40-18-370, 40-18-372, 40-18-374, 40-18-375, 40-18-376, 40-18-376.1, 40-18-376.2, 40-18-376.3, 40-18-376.4, 40-18-377, 40-18-378, 40-18-382, 40-18-383, 40-18-417.1, 40-18-417.2, 40-18-417.3, 40-18-417.4, 40-18-417.7, and 40-9B-4.1, Code of Alabama 1975, to extend the Alabama Jobs Act sunset date to July 31, 2028; to increase the annualized cap on outstanding Alabama Jobs Act incentives by twenty-five million dollars e
summary
Introduced
04/04/2023
04/04/2023
In Committee
04/19/2023
04/19/2023
Crossed Over
04/13/2023
04/13/2023
Passed
04/20/2023
04/20/2023
Dead
Signed/Enacted/Adopted
04/20/2023
04/20/2023
Introduced Session
Regular Session 2023
Bill Summary
Relating to the Alabama Jobs Act and the Growing Alabama Act; to amend Sections 40-18-370, 40-18-372, 40-18-374, 40-18-375, 40-18-376, 40-18-376.1, 40-18-376.2, 40-18-376.3, 40-18-376.4, 40-18-377, 40-18-378, 40-18-382, 40-18-383, 40-18-417.1, 40-18-417.2, 40-18-417.3, 40-18-417.4, 40-18-417.7, and 40-9B-4.1, Code of Alabama 1975, to extend the Alabama Jobs Act sunset date to July 31, 2028; to increase the annualized cap on outstanding Alabama Jobs Act incentives by twenty-five million dollars each year for five years up to four hundred seventy-five million dollars; to increase the investment tax credit transfer time to provide that the first five years of the investment credit may be transferred by the incentivized company and applied by another person or company under the Alabama Jobs Act; to extend the Growing Alabama Act sunset date to July 31, 2028, to increase the annual cap on funding approved pursuant to the Growing Alabama Act to thirty-five million dollars; to remove certain programs from the Growing Alabama Act for the transfer to Innovate Alabama.
AI Summary
This bill extends the Alabama Jobs Act sunset date to July 31, 2028, increases the annualized cap on outstanding Alabama Jobs Act incentives by $25 million each year for five years up to $475 million, and increases the investment tax credit transfer time to allow the first five years of the credit to be transferred. It also extends the Growing Alabama Act sunset date to July 31, 2028, and increases the annual cap on funding approved under the Growing Alabama Act to $35 million. Finally, it creates the Sweet Home Alabama Tourism Investment Act, which establishes a tax rebate program for certified tourism destination projects in Alabama with a $10 million annual cap, with 10% set aside for projects in targeted or rural counties.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Enacted (on 04/20/2023)
Official Document
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