The Enhancing Economic Progress Act (HB241) amends the Code of Alabama 1975 to extend the sunset dates for the Alabama Jobs Act and the Growing Alabama Act to July 31, 2028, while increasing the annual cap on outstanding Alabama Jobs Act incentives by $25 million each year for five years, ultimately reaching $475 million. The bill 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. It also removes certain programs from the Growing Alabama Act for transfer to Innovate Alabama and introduces the Sweet Home Alabama Tourism Investment Act, which establishes standards for certified tourism destination projects and authorizes tax rebates for businesses involved in these projects.

Additionally, HB241 modifies existing laws regarding economic development incentives, including provisions for renewable energy generation facilities and the criteria for qualifying projects. It streamlines the process for claiming jobs credits and investment credits, introduces new definitions, and clarifies the roles of the Department of Commerce and the Department of Revenue. The bill also establishes the Tourism Project Sales Tax Incentive Fund, outlines the application process for tax rebates, and sets annual caps on rebates. Notable deletions include the removal of specific definitions related to eligible employees and the requirement for substantial construction activities to not have begun by a certain date. Overall, HB241 aims to enhance economic development in Alabama by focusing on job creation, renewable energy, and tourism investment.

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