The bill HB241, known as the Enhancing Economic Progress Act, amends the Alabama Jobs Act and the Growing Alabama Act, extending their sunset dates to July 31, 2028, and increasing the annual cap on outstanding Alabama Jobs Act incentives by $25 million each year for five years, ultimately reaching $475 million. It introduces the Sweet Home Alabama Tourism Investment Act, which establishes a framework for certifying tourism destination projects and authorizes tax rebates for qualifying businesses. Key changes include the deletion of "eligible employees" and the modification of the definition of "employees" to require full-time positions created by qualifying projects. The bill also introduces new definitions, such as "renewable energy generation," and establishes the Tourism Project Sales Tax Incentive Fund, along with reporting requirements for the Alabama Tourism Department.

Additionally, HB241 allows for the transfer of the first five years of the investment tax credit to another entity and raises the annual cap for the Growing Alabama Act to $35 million. It modifies the criteria for qualifying projects, emphasizing job creation and specifying different employment requirements for projects in certain sectors. The bill also streamlines the process for transferring investment tax credits, removing the requirement for Department of Commerce certification and instead mandating a transfer statement form from the Department of Revenue. Overall, HB241 aims to enhance economic development in Alabama by increasing incentives for job creation, renewable energy, and tourism, while ensuring accountability and targeted support for specific 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