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 that commence 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. 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 the site development grants, lowering the minimum acreage requirement from 75 acres to 50 acres and adjusting matching fund contributions based on county population. The new structure requires local economic development organizations to contribute varying amounts depending on their county's population, with specific rates outlined for different population brackets. The bill also allows for the transfer of tax rebates to future owners of qualifying tourism projects and mandates that these rebates be applied to any outstanding tax obligations owed to the state. The act is set to take effect immediately upon passage and approval by the Governor, reflecting a comprehensive approach to enhancing tourism and economic development in Alabama.

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