The Enhancing Economic Progress Act, also known as HB241, aims to amend several sections of the Alabama Jobs Act and the Growing Alabama Act, as well as introduce the Sweet Home Alabama Tourism Investment Act. The bill extends the sunset date for the Alabama Jobs Act and the Growing Alabama Act to July 31, 2028 and increases the annual cap on outstanding Alabama Jobs Act incentives by $25 million each year for five years, up to $475 million. The bill also allows for the transfer of the first five years of the investment tax credit to another person or company under the Alabama Jobs Act.

Additionally, the bill creates the Sweet Home Alabama Tourism Investment Act, which requires the Alabama Tourism Department to develop standards for the review and approval of certified tourism destination projects. The Alabama Tourism Advisory Board will review and certify qualifying projects, and tax rebates will be authorized for certain businesses for certified tourism destination projects. The bill establishes the Tourism Project Sales Tax Incentive Fund and sets an annual cap on tax rebates. Reporting requirements for the Alabama Tourism Department are also established.

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