AL SB330

Amends Section 40-18-372 of the Alabama Code to modify the definition of "renewable energy generation facility" eligible for incentives under the Alabama Jobs Act.

Expands the definition of renewable energy generation facility to include any tangible property that is part of renewable energy generation, including additions, modifications, expansions, or upgrades to transmission or distribution systems required to accommodate renewable energy interconnection.

Allows investment credits from renewable energy projects to be transferred for the entire term of the project agreement if the electric provider is a tax-exempt organization under the Internal Revenue Code, subject to Governor approval.

Maintains three categories of renewable energy facilities: those owned by electric providers, "qualifying facilities" (QF) as defined by FERC under PURPA, and "independent power producers" as defined by the Energy Information Administration.

Becomes effective October 1, 2024.