AL HB443

Changes the reporting deadline for state agencies administering economic tax incentives from the second legislative day to the first legislative day of the Regular Session beginning in 2024.

Establishes joint hearings on tax expenditure reports by the House Ways and Means Education Committee and Senate Committee on Finance and Taxation - Education during odd-numbered years, to be concluded by the 10th legislative day of the regular session.

Sets sunset dates of December 31, 2028 for nine existing tax incentive programs (Brownfield Development Tax Abatement, Rural Physician Tax Credit, Coal Production Tax Credit, Reemployment Act of 2010, Full Employment Act of 2011, Veterans Employment Act, Irrigation Equipment Tax Credit, Entertainment Industry Incentive Act, and Alabama Enterprise Zone Act), each extendable for up to five additional years by legislative action.

Requires all new economic tax incentive legislation beginning in 2024 to include performance statements identifying legislative purpose, automatic expiration after five years, annual spending limits, five-year carryforward limits on unused credits, and restrictions on credit transfers to one transaction only.

Mandates pre-certification of income and financial institutions excise tax credits by the Department of Revenue before they can be claimed.