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AL HB445

Bill

Official Source

Status

Passed

6/2/2023

Primary Sponsor

Danny Garrett

Click for details

Origin

House of Representatives

Regular Session 2023

AI Summary

  • Increases Growing Alabama Credit funding caps progressively from $20 million annually (through 2023) to $35 million by 2028, with at least 25% reserved for targeted or jumpstart counties.

  • Clarifies that Sweet Home Alabama Tourism Investment Act tax rebates for certified tourism destination projects only apply to projects placed into service after this act's effective date, with up to $5 million per project and $1 million annually per company.

  • Expands Alabama Tourism Advisory Board from 21 to 25 members by adding the Chairs of the Senate Finance and Taxation Education Committee and House Ways and Means Education Committee, plus the ranking minority member of each committee.

  • Adjusts rural population thresholds in site assessment and site development grant provisions from 50,000 and 60,000 population limits to align with the Jobs Act, affecting matching fund requirements for local economic development organizations.

  • Becomes effective immediately upon passage and gubernatorial approval.

Legislative Description

Relating to economic development; to amend Section 40-18-417.4, Code of Alabama 1975, as amended by Act 2023-34 of the 2023 Regular Session; to amend Section 5 of Act 2023-34 of the 2023 Regular Session, now appearing as Sections 40-18-472 and 40-18-473, Code of Alabama 1975, to correct a date referenced in the Growing Alabama Act; to clarify the tax rebates under the Sweet Home Alabama Tourism Investment Act for certain businesses for certified tourism destination projects are only available for projects placed into service after the effective date of this act; to amend Section 41-7-3, Code of Alabama 1975 to include the Chairs of the Senate Finance and Taxation Education Committee and Ways and Means Education Committee and the ranking minority member of each committee, or their designees, to the Tourism Advisory Board; and to amend Sections 41-10-47.03 and 41-10-47.04, Code of Alabama 1975, from Section 1 of Act 2023-35 of the 2023 Regular Session, to align rural population provisions of the Site Evaluation Economic Development Strategy with the Jobs Act.

Taxation and revenue, Sweet Home Alabama Tourism Investment Act amended to clarify intent of program

Last Action

Enacted

6/2/2023

Committee Referrals

Finance and Taxation Education5/26/2023
Ways and Means Education5/9/2023

Full Bill Text

No bill text available