The bill HB445 amends several sections of the Code of Alabama 1975 to bolster economic development, particularly in tourism and rural areas. Key provisions include the correction of a date in the Growing Alabama Act and the stipulation that tax rebates under the Sweet Home Alabama Tourism Investment Act are only available for projects that commence after the act's effective date. The bill also expands the Tourism Advisory Board to include the Chairs and ranking minority members of the Senate Finance and Taxation Education Committee and the Ways and Means Education Committee, while aligning rural population provisions with the Jobs Act. Significant changes include the insertion of eligibility criteria for tax rebates, which can only be claimed for projects starting after the act's effective date, and modifications to the Growing Alabama Credit structure, including a cumulative funding cap and a requirement that at least 25% of funds be reserved for targeted counties.

Additionally, the bill introduces amendments to tax rebate regulations for tourism projects, stating that no rebates will be granted to companies receiving other state tax incentives during the same tax year. Tax rebates will first address any outstanding tax obligations and will be issued without interest, with provisions for transfer to future owners of qualifying projects. The bill also revises the composition of the Advisory Board to the Alabama Tourism Department, ensuring diverse representation and requiring quarterly meetings. Furthermore, it modifies site development grant requirements, adjusting minimum acreage and matching fund contributions based on county population, with a notable change in the population threshold for certain categories. The act is set to take effect immediately upon passage and approval by the Governor.

Statutes affected:
Enrolled: 40-18-472, 40-18-473