The Enhancing Economic Progress Act, also known as HB241, amends various sections of the Code of Alabama 1975 to extend the sunset dates for the Alabama Jobs Act and the Growing Alabama Act to July 31, 2028. The bill increases the annual cap on outstanding Alabama Jobs Act incentives by $25 million each year for five years, culminating in a total of $475 million. It also allows the first five years of the investment tax credit to be transferable to other companies and raises the annual cap for the Growing Alabama Act to $35 million. Additionally, the bill removes certain programs from the Growing Alabama Act for transfer to Innovate Alabama and introduces the Sweet Home Alabama Tourism Investment Act, which establishes a framework for certifying tourism destination projects and authorizes tax rebates for businesses involved in these projects.

Moreover, HB241 introduces significant changes to the investment and job credit processes, including the removal of the requirement for companies to submit certifications for "eligible" employees, now defined as "Alabama resident employees." The bill also modifies the criteria for qualifying projects, emphasizing job creation and allowing for different employment requirements for projects in chemical manufacturing, data centers, or renewable energy generation. It establishes a new Tourism Project Sales Tax Incentive Fund and outlines the process for tax rebates related to certified tourism projects, with specific caps and reporting requirements. Overall, the bill aims to enhance economic development in Alabama by streamlining processes, expanding funding opportunities, and promoting job creation in targeted regions.

Statutes affected:
Introduced: 40-18-370, 40-18-372, 40-18-374, 40-18-375, 40-18-376, 40-18-376, 40-18-376, 40-18-376, 40-18-376, 40-18-377, 40-18-378, 40-18-382, 40-18-383, 40-18-417, 40-18-417, 40-18-417, 40-18-417, 40-18-417, 40-9B-4
Engrossed: 40-18-370, 40-18-372, 40-18-374, 40-18-375, 40-18-376, 40-18-376, 40-18-376, 40-18-376, 40-18-376, 40-18-377, 40-18-378, 40-18-382, 40-18-383, 40-18-417, 40-18-417, 40-18-417, 40-18-417, 40-18-417, 40-9B-4
Enrolled: 40-18-370, 40-18-372, 40-18-374, 40-18-375, 40-18-376, 40-18-376, 40-18-376, 40-18-376, 40-18-376, 40-18-377, 40-18-378, 40-18-382, 40-18-383, 40-18-417, 40-18-417, 40-18-417, 40-18-417, 40-18-417, 40-9B-4