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AL SB164
Bill
AI Summary
SB164 Summary
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Extends the Alabama Jobs Act sunset date from July 31, 2023 to July 31, 2028, allowing economic development incentives to continue for five additional years.
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Increases the annualized cap on outstanding Alabama Jobs Act incentives by $25 million annually for five years, reaching $475 million by December 31, 2027.
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Extends investment tax credit transferability to five years (previously three years), allowing incentivized companies to transfer credits to other entities for better utilization.
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Extends the Growing Alabama Act sunset date to July 31, 2028 and increases the annual funding cap to $35 million, expanding economic development program support.
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Transfers certain Growing Alabama Act programs to Innovate Alabama and extends the Alabama Data Center Processing Economic Incentive Enhancement Act through July 31, 2028.
Legislative Description
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.
Last Action
Introduced and Referred to Senate Finance and Taxation Education
4/4/2023