The bill HB445 amends various sections of the Code of Alabama 1975 to bolster economic development, particularly in tourism and tax incentives. 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 commencing after the act's effective date. The bill 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 also aligning rural population provisions with the Jobs Act. Additionally, it introduces a cap on tax rebates for certified tourism destination projects, limiting them to $10 million annually and $1 million per company per year, and emphasizes that these rebates can only be claimed for new projects.

Furthermore, the bill modifies existing laws regarding site development grants by changing the minimum acreage requirement from 75 acres to 50 acres and adjusting matching fund contributions based on county population. Local economic development organizations can apply for grants for sites of at least 75 contiguous acres, with specific matching fund requirements based on population size. The bill also allows for the transfer of tax rebates to future owners of qualifying tourism projects and establishes that rebates will be effective from August 1, 2023, for projects placed into service after this date. Overall, the bill aims to enhance tourism-related economic initiatives while ensuring that incentives are directed towards new developments and diverse representation in tourism policy-making.

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