AL HB359

Amends the Sweet Home Alabama Tourism Investment Act to expand resort development eligibility to include properties with 200 guest rooms or 200 vacation rental units, and removes the requirement that $35 million tourism attractions be located within an entertainment district

Adds a new "completion date" definition requiring projects to be completed within three years of the financial incentive agreement, with the project placed in service and generating revenue

Increases the supplemental tax rebate for mega projects ($75 million+ capital investment) from a one-time $2.5 million designation to up to $7.5 million total, with annual claims up to $1.5 million

Requires approved companies to certify actual project costs through an independent CPA within three months of completion, verifying that only bona fide third-party expenditures are counted toward minimum investment thresholds

Excludes related-party transactions from capital investment calculations, including developer fees, consulting fees, project-management fees, internal labor allocations, and payments to affiliates or entities under common ownership