The Enhancing Economic Progress Act, known as HB241, proposes several amendments to the Code of Alabama 1975, affecting the Alabama Jobs Act, the Growing Alabama Act, and introducing the Sweet Home Alabama Tourism Investment Act. The bill extends the sunset dates for both the Alabama Jobs Act and the Growing Alabama Act to July 31, 2028, and increases their respective annual caps on incentives. It also allows for the transfer of investment credits under certain conditions and introduces the definition of a "renewable energy generation facility" as a qualifying project. The bill removes the requirement for the Department of Commerce to certify before the Department of Revenue can act, streamlining the process for transferring tax credits, and modifies the definition of "Targeted County" to include counties with a population of 60,000 or less. It also outlines conditions for technology and underrepresented companies to qualify for tax credits, with provisions for additional jobs credits for companies employing veterans or operating in areas affected by military base closures.

Furthermore, HB241 establishes the Sweet Home Alabama Tourism Investment Act, which sets up a tax rebate program for certified tourism destination projects. It defines relevant terms, outlines the application and approval process, and sets an annual cap on tax rebates. The bill also creates the Tourism Project Sales Tax Incentive Fund and mandates reporting requirements for the Department of Revenue. The tax rebates are transferrable and the program is set to be effective from August 1, 2023, through July 31, 2028, with the possibility of extension by the Legislature. The bill includes various insertions and deletions in the legal language, such as the addition of "renewable energy generation" to the definitions and the removal of the term "eligible employees." The bill aims to enhance economic development and job creation in Alabama by providing incentives for investment and growth in targeted industries and areas.

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