HB241 Alabama 2023 Session

Summary

Primary Sponsor

Danny Garrett Representative

Republican

Session

Regular Session 2023

Title

Relating to the Alabama Jobs Act and the Growing Alabama Act; to amend Sections 40-18-370, 40-18-372, 40-18-374, 40-18-375, 40-18-376, 40-18-376.1, 40-18-376.2, 40-18-376.3, 40-18-376.4, 40-18-377, 40-18-378, 40-18-382, 40-18-383, 40-18-417.1, 40-18-417.2, 40-18-417.3, 40-18-417.4, 40-18-417.7, and 40-9B-4.1, Code of Alabama 1975, to extend the Alabama Jobs Act sunset date to July 31, 2028; to increase the annualized cap on outstanding Alabama Jobs Act incentives by twenty-five million dollars each year for five years up to four hundred seventy-five million dollars; to increase the investment tax credit transfer time to provide that the first five years of the investment credit may be transferred by the incentivized company and applied by another person or company under the Alabama Jobs Act; to extend the Growing Alabama Act sunset date to July 31, 2028, to increase the annual cap on funding approved pursuant to the Growing Alabama Act to thirty-five million dollars; to remove certain programs from the Growing Alabama Act for the transfer to Innovate Alabama.

Description

Under existing law, the Alabama Jobs Act provides certain incentives to allow the state to foster economic development through the recruitment of quality projects and the expansion of existing businesses within Alabama.

Under existing law, the Growing Alabama Act provides a tax credit to eligible taxpayers who make contributions to economic development organizations for approved qualifying projects.

This bill would allow Alabama Jobs Act economic development programs to continue through July 31, 2028, ensuring economic growth, workforce development, and job creation. This bill would increase the current annualized cap each year for five years allowing Alabama to be more competitive for larger economic development projects. This bill would allow the investment tax credit transfer time to increase to five years allowing incentivized companies the ability to better realize credits for development projects.

This bill would allow Growing Alabama Act programs to continue through July 31, 2028, and increase the annual cap to allow greater expansion of economic development programs. This bill would transfer certain programs under Growing Alabama Act to Innovate HB241 INTRODUCED Alabama for continued growth and support.

This bill would allow the Alabama Data Center Processing Economic Incentive Enhancement Act incentive to continue through July 31, 2028.

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