This bill makes several amendments to existing laws related to economic development in Alabama. The first amendment clarifies the rules for the Growing Alabama Credit, specifying that the credit cannot reduce a taxpayer's tax liability by more than 50 percent and allowing unused credits to be carried forward for up to five years. It also establishes a cumulative funding limit for the credit, starting at $20 million in 2023 and increasing each year until reaching $35 million in 2028. The amendment reserves at least 25 percent of the funding for projects in targeted or jumpstart counties.

The second amendment clarifies the tax rebates available under the Sweet Home Alabama Tourism Investment Act. It specifies that the rebates are only available for projects placed into service after the effective date of the act and removes the provision allowing rebates to carry forward for five years. The bill also amends the composition and duties of the Advisory Board to the Alabama Tourism Department, adding members and outlining their duties. Additionally, the bill amends the requirements for site assessment grants for local economic development organizations, allowing any local economic development organization to apply for a grant and requiring certain findings to be made before granting the funds.

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