Bill > SB214

This bill amends the Sweet Home Alabama Tourism Investment Act to increase the supplemental tax rebate available to qualifying tourism destination projects and to require certification of project costs. Specifically, it allows for an additional $2.5 million in tax rebates for one project per calendar year with a minimum capital investment of $75 million, and for companies receiving this supplemental rebate, their total rebate can be up to $7.5 million, with an annual limit of $1.5 million, and these amounts are not subject to the usual caps. The bill also mandates that within three months of project completion, the approved company must have the actual project costs certified by an independent certified public accountant, ensuring that only bona fide, third-party, arms-length capital expenditures are included in the calculation for eligibility, and explicitly excluding related-party payments or fees.

Budget and Finance

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