Alabama 2023 Regular Session

Alabama House Bill HB241 Compare Versions

Version 1 (Old)

Version 2 (New)

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	1	+	HB241INTRODUCED
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4	4		By Representatives Garrett, Ledbetter, Daniels, Reynolds
5	5		RFD: Ways and Means Education
6	6		First Read: 04-Apr-23
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11		-	5 ~~HB241 EnrolledHB241 Enrolled~~
	11	+	5 Z4OGWR-1 04/03/2023 KHF (F)KHF 2023-1031
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13		-	Enrolled, An Act,
14		-	Relating to the Alabama Jobs Act and the Growing
15		-	Alabama Act and tourism; to amend Sections 40-18-370,
16		-	40-18-372, 40-18-374, 40-18-375, 40-18-376, 40-18-376.1,
17		-	40-18-376.2, 40-18-376.3, 40-18-376.4, 40-18-377, 40-18-378,
18		-	40-18-382, 40-18-383, 40-18-417.1, 40-18-417.2, 40-18-417.3,
19		-	40-18-417.4, 40-18-417.7, and 40-9B-4.1, Code of Alabama 1975,
20		-	to extend the Alabama Jobs Act sunset date to July 31, 2028;
21		-	to increase the annualized cap on outstanding Alabama Jobs Act
22		-	incentives by twenty-five million dollars each year for five
23		-	years up to four hundred seventy-five million dollars; to
24		-	increase the investment tax credit transfer time to provide
25		-	that the first five years of the investment credit may be
26		-	transferred by the incentivized company and applied by another
27		-	person or company under the Alabama Jobs Act; to extend the
28		-	Growing Alabama Act sunset date to July 31, 2028, to increase
29		-	the annual cap on funding approved pursuant to the Growing
30		-	Alabama Act incrementally to thirty-five million dollars; to
31		-	remove certain programs from the Growing Alabama Act for the
32		-	transfer to Innovate Alabama; to create the Sweet Home Alabama
33		-	Tourism Investment Act; to define certain terms; to require
34		-	the Alabama Tourism Department to develop standards for the
35		-	review and approval of certified tourism destination projects;
36		-	to designate the Alabama Tourism Advisory Board to review and
37		-	certify qualifying projects; to authorize tax rebates for
38		-	certain businesses for certified tourism destination projects;
39		-	to provide for an annual cap on tax rebates; to create the
40		-	Tourism Project Sales Tax Incentive Fund; to establish the
	13	+	SYNOPSIS:
	14	+	Under existing law, the Alabama Jobs Act
	15	+	provides certain incentives to allow the state to
	16	+	foster economic development through the recruitment of
	17	+	quality projects and the expansion of existing
	18	+	businesses within Alabama.
	19	+	Under existing law, the Growing Alabama Act
	20	+	provides a tax credit to eligible taxpayers who make
	21	+	contributions to economic development organizations for
	22	+	approved qualifying projects.
	23	+	This bill would allow Alabama Jobs Act economic
	24	+	development programs to continue through July 31, 2028,
	25	+	ensuring economic growth, workforce development, and
	26	+	job creation. This bill would increase the current
	27	+	annualized cap each year for five years allowing
	28	+	Alabama to be more competitive for larger economic
	29	+	development projects. This bill would allow the
	30	+	investment tax credit transfer time to increase to five
	31	+	years allowing incentivized companies the ability to
	32	+	better realize credits for development projects.
	33	+	This bill would allow Growing Alabama Act
	34	+	programs to continue through July 31, 2028, and
	35	+	increase the annual cap to allow greater expansion of
	36	+	economic development programs. This bill would transfer
	37	+	certain programs under Growing Alabama Act to Innovate
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68		-	28 HB241 ~~EnrolledHB241 Enrolled~~
	65	+	28 HB241 INTRODUCEDHB241 INTRODUCED
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70		-	process for renewing a tax rebate; and to establish reporting
71		-	requirements of the Alabama Tourism Department.
	67	+	Alabama for continued growth and support.
	68	+	This bill would allow the Alabama Data Center
	69	+	Processing Economic Incentive Enhancement Act incentive
	70	+	to continue through July 31, 2028.
	71	+	A BILL
	72	+	TO BE ENTITLED
	73	+	AN ACT
	74	+	Relating to the Alabama Jobs Act and the Growing
	75	+	Alabama Act; to amend Sections 40-18-370, 40-18-372,
	76	+	40-18-374, 40-18-375, 40-18-376, 40-18-376.1, 40-18-376.2,
	77	+	40-18-376.3, 40-18-376.4, 40-18-377, 40-18-378, 40-18-382,
	78	+	40-18-383, 40-18-417.1, 40-18-417.2, 40-18-417.3, 40-18-417.4,
	79	+	40-18-417.7, and 40-9B-4.1, Code of Alabama 1975, to extend
	80	+	the Alabama Jobs Act sunset date to July 31, 2028; to increase
	81	+	the annualized cap on outstanding Alabama Jobs Act incentives
	82	+	by twenty-five million dollars each year for five years up to
	83	+	four hundred seventy-five million dollars; to increase the
	84	+	investment tax credit transfer time to provide that the first
	85	+	five years of the investment credit may be transferred by the
	86	+	incentivized company and applied by another person or company
	87	+	under the Alabama Jobs Act; to extend the Growing Alabama Act
	88	+	sunset date to July 31, 2028, to increase the annual cap on
	89	+	funding approved pursuant to the Growing Alabama Act to
	90	+	thirty-five million dollars; to remove certain programs from
	91	+	the Growing Alabama Act for the transfer to Innovate Alabama.
72	92		BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
73		-	Section 1. This act shall be known and cited as the
74		-	Enhancing Economic Progress Act.
75		-	Section 2. Sections 40-18-370, 40-18-372, 40-18-374,
76		-	40-18-375, 40-18-376, 40-18-376.1, 40-18-376.2, 40-18-376.3,
77		-	40-18-376.4, 40-18-377, 40-18-378, 40-18-382, 40-18-383,
78		-	40-18-417.1, 40-18-417.2, 40-18-417.3, 40-18-417.4,
79		-	40-18-417.7, and 40-9B-4.1, Code of Alabama 1975, are amended
80		-	to read as follows:
81		-	"§40-18-370
82		-	(a) This article shall be known and may be cited as the
83		-	Alabama Jobs Act.
84		-	(b) The Legislature makes the following findings:
85		-	(1) The economic well-being of the citizens of the
86		-	state will be enhanced by the increased development and growth
87		-	of employment within Alabama.
88		-	(2) It is in the best interests of the state to provide
89		-	certain incentives to allow the state to foster economic
90		-	development through the recruitment of quality projects and
91		-	the expansion of existing businesses within Alabama.
92		-	(3) The incentives provided for in this article do not
93		-	raise any taxes for any individuals or businesses in Alabama
94		-	under state law.
95		-	(4) The incentives provided in this article will allow
96		-	the state to encourage the creation of new jobs that may not
97		-	otherwise exist within the State of Alabama.
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	122	+	Section 1. This act shall be known and cited as the
	123	+	Enhancing Economic Progress Act.
	124	+	Section 2. Sections 40-18-370, 40-18-372, 40-18-374,
	125	+	40-18-375, 40-18-376, 40-18-376.1, 40-18-376.2, 40-18-376.3,
	126	+	40-18-376.4, 40-18-377, 40-18-378, 40-18-382, 40-18-383,
	127	+	40-18-417.1, 40-18-417.2, 40-18-417.3, 40-18-417.4,
	128	+	40-18-417.7, and 40-9B-4.1, Code of Alabama 1975, are amended
	129	+	to read as follows:
	130	+	"§40-18-370
	131	+	(a) This article shall be known and may be cited as the
	132	+	Alabama Jobs Act.
	133	+	(b) The Legislature makes the following findings:
	134	+	(1) The economic well-being of the citizens of the
	135	+	state will be enhanced by the increased development and growth
	136	+	of employment within Alabama.
	137	+	(2) It is in the best interests of the state to provide
	138	+	certain incentives to allow the state to foster economic
	139	+	development through the recruitment of quality projects and
	140	+	the expansion of existing businesses within Alabama.
	141	+	(3) The incentives provided for in this article do not
	142	+	raise any taxes for any individuals or businesses in Alabama
	143	+	under state law.
	144	+	(4) The incentives provided in this article will allow
	145	+	the state to encourage the creation of new jobs that may not
	146	+	otherwise exist within the State of Alabama.
127	147		(5) The incentives provided in this article will
128	148		increase revenues for the state without increasing taxes.
129	149		(6) The Constitution of the State of Alabama grants the
130		-	Legislature the authority to approve and authorize exemptions,
131		-	exclusions, deductions, and credits from taxation in order to
132		-	define the net proceeds of any tax payable under state law.
133		-	(7) The Constitution of the State of Alabama was
134		-	framed, and the laws of the state were enacted, with the goal
135		-	of protecting, encouraging, and developing individual
136		-	enterprise.
137		-	(8) The incentives provided in this article will not
138		-	decrease the salary paid to any education personnel.
139		-	(9) The powers to be granted and the purposes to be
140		-	accomplished by this article will create an environment for
141		-	the recruitment of quality projects and the expansion of
142		-	existing businesses within Alabama.
143		-	(10) Economic development through tax and financial
144		-	incentives benefits the citizens of the state and is a public
145		-	purpose of the state.
146		-	(c) In addition to the definitions found at Section
147		-	40-18-1, the following words and phrases shall have the
148		-	following meanings:
149		-	(1) APPROVED COMPANY. Any company determined by the
150		-	Secretary of Commerce and the Governor to meet the criteria
151		-	provided in Section 40-18-373.
152		-	(2) CAPITAL INVESTMENT. All costs and expenses incurred
153		-	by the incentivized company in connection with the
154		-	acquisition, construction, installation, and equipping of a
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	179	+	Legislature the authority to approve and authorize exemptions,
	180	+	exclusions, deductions, and credits from taxation in order to
	181	+	define the net proceeds of any tax payable under state law.
	182	+	(7) The Constitution of the State of Alabama was
	183	+	framed, and the laws of the state were enacted, with the goal
	184	+	of protecting, encouraging, and developing individual
	185	+	enterprise.
	186	+	(8) The incentives provided in this article will not
	187	+	decrease the salary paid to any education personnel.
	188	+	(9) The powers to be granted and the purposes to be
	189	+	accomplished by this article will create an environment for
	190	+	the recruitment of quality projects and the expansion of
	191	+	existing businesses within Alabama.
	192	+	(10) Economic development through tax and financial
	193	+	incentives benefits the citizens of the state and is a public
	194	+	purpose of the state.
	195	+	(c) In addition to the definitions found at Section
	196	+	40-18-1, the following words and phrases shall have the
	197	+	following meanings:
	198	+	(1) APPROVED COMPANY. Any company determined by the
	199	+	Secretary of Commerce and the Governor to meet the criteria
	200	+	provided in Section 40-18-373.
	201	+	(2) CAPITAL INVESTMENT. All costs and expenses incurred
	202	+	by the incentivized company in connection with the
	203	+	acquisition, construction, installation, and equipping of a
184	204		qualifying project, if such costs are required to be
185	205		capitalized for purposes of the federal income tax, determined
186	206		without regard to any rule that permits expenditures properly
187		-	chargeable to a capital account to be treated as current
188		-	expenditures. However, for any project involving the
189		-	extraction of natural resources, the capital investment shall
190		-	not include the costs of acquiring land, land recording fees,
191		-	architectural and engineering services, environmental studies
192		-	and environmental mitigation.
193		-	(3) COMPANY. Anyone or anything which has the powers to
194		-	own a project and have employees.
195		-	(4) ELIGIBLE EMPLOYEES. Those employee positions set
196		-	forth in a project agreement that will be the result of new
197		-	jobs created by or through a qualifying project.
198		-	(5)(4)EMPLOYEES. Some or all of those persons employed
199		-	and residing in Alabama Persons employed in full time
200		-	positions created by or through a qualifying project :
201		-	a. Who are being paid directly by an approved company,
202		-	related company, common paymaster, or joint venturer, or
203		-	leasing company for working at a qualifying project ; and
204		-	b. Whom the approved company, related company, common
205		-	paymaster, or joint venturer or leasing company identifies as
206		-	its employees to the U.S. Internal Revenue Service, the
207		-	Department of Revenue, or the Department of Labor on returns
208		-	or reports filed with the foregoing, including, but not
209		-	limited to, IRS Form 941; Form A-6, Form A-1, Form A-2,
210		-	UC-CR-4, and UC-10-R. and
211		-	c. Who are assigned to a qualifying project for a
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	236	+	chargeable to a capital account to be treated as current
	237	+	expenditures. However, for any project involving the
	238	+	extraction of natural resources, the capital investment shall
	239	+	not include the costs of acquiring land, land recording fees,
	240	+	architectural and engineering services, environmental studies
	241	+	and environmental mitigation.
	242	+	(3) COMPANY. Anyone or anything which has the powers to
	243	+	own a project and have employees.
	244	+	(4) ELIGIBLE EMPLOYEES. Those employee positions set
	245	+	forth in a project agreement that will be the result of new
	246	+	jobs created by or through a qualifying project.
	247	+	(5)(4) EMPLOYEES. Some or all of those persons employed
	248	+	and residing in Alabama Persons employed in full-time positions
	249	+	created by or through a qualifying project :
	250	+	a. Who are being paid directly by an approved company,
	251	+	related company, common paymaster, or joint venturer, or
	252	+	leasing company for working at a qualifying project ; and
	253	+	b. Whom the approved company, related company, common
	254	+	paymaster, or joint venturer or leasing company identifies as
	255	+	its employees to the U.S. Internal Revenue Service, the
	256	+	Department of Revenue, or the Department of Labor on returns
	257	+	or reports filed with the foregoing, including, but not
	258	+	limited to, IRS Form 941;Form A-6, Form A-1, Form A-2,
	259	+	UC-CR-4, and UC-10-R. and
	260	+	c. Who are assigned to a qualifying project for a
241	261		period of at least one year.
242	262		(6)(5) INCENTIVE PERIOD. The period or periods of time
243		-	during which an incentiivized company can receive one or more
244		-	of the jobs act incentives.
245		-	(7)(6) INCENTIVIZED COMPANY. An approved company and
246		-	any related company that are allowed to claim one or more of
247		-	the jobs act incentives as provided for in the project
248		-	agreement.
249		-	(8)(7) INVESTMENT CREDIT. The annual incentive provided
250		-	in Section 40-18-376.
251		-	(9)(8) JOBS ACT INCENTIVES. The jobs credit and the
252		-	investment credit as authorized and provided for in this
253		-	article.
254		-	(10)(9) JOBS CREDIT. The annual incentive provided in
255		-	Section 40-18-375.
256		-	(11)(10) NAICS CODE. Any sector, subsector, industry
257		-	group, industry or national industry of the 2012 North
258		-	American Industry Classification System, or any similar
259		-	classification system developed in conjunction with the United
260		-	States Department of Commerce or Office of Management and
261		-	Budget.
262		-	(12)(11) PROJECT. Any land, building, or other
263		-	improvements, and all real and personal properties, whether or
264		-	not contiguous and whether or not previously in existence, if
265		-	in Alabama and if deemed necessary or useful in connection
266		-	with an activity listed in Section 40-18-372(1).
267		-	(13)(12) PROJECT AGREEMENT. The agreement entered into
268		-	between an approved company and the Governor establishing the
	263	+	during which an incentivized company can receive one or more
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	293	+	of the jobs act incentives.
	294	+	(7)(6) INCENTIVIZED COMPANY. An approved company and
	295	+	any related company that are allowed to claim one or more of
	296	+	the jobs act incentives as provided for in the project
	297	+	agreement.
	298	+	(8)(7) INVESTMENT CREDIT. The annual incentive provided
	299	+	in Section 40-18-376.
	300	+	(9)(8) JOBS ACT INCENTIVES. The jobs credit and the
	301	+	investment credit as authorized and provided for in this
	302	+	article.
	303	+	(10)(9) JOBS CREDIT. The annual incentive provided in
	304	+	Section 40-18-375.
	305	+	(11)(10) NAICS CODE. Any sector, subsector, industry
	306	+	group, industry or national industry of the 2012 North
	307	+	American Industry Classification System, or any similar
	308	+	classification system developed in conjunction with the United
	309	+	States Department of Commerce or Office of Management and
	310	+	Budget.
	311	+	(12)(11) PROJECT. Any land, building, or other
	312	+	improvements, and all real and personal properties, whether or
	313	+	not contiguous and whether or not previously in existence, if
	314	+	in Alabama and if deemed necessary or useful in connection
	315	+	with an activity listed in Section 40-18-372(1).
	316	+	(13)(12) PROJECT AGREEMENT. The agreement entered into
	317	+	between an approved company and the Governor establishing the
298	318		terms and conditions for the provision of the jobs act
299	319		incentives, as provided for in Section 40-18-374.
300	320		(14)(13) QUALIFYING PROJECT. Any project to be
301		-	undertaken by an approved company that satisfies Section
302		-	40-18-372.
303		-	(15)(14) RELATED COMPANY. Any company that is under
304		-	common ownership, management, or control with a company or an
305		-	approved company, as the case may be Any entity that owns,
306		-	owned, or is owned, directly or through one or more entities,
307		-	a 50 percent or greater interest in the capital or profits of
308		-	another.
309		-	(15) RENEWABLE ENERGY GENERATION. Energy derived from
310		-	biomass, geothermal, hydrogen, hydropower, marine energy,
311		-	solar, or wind.
312		-	(16) UTILITY TAXES. The taxes imposed by Sections
313		-	40-21-82 and 40-21-102.
314		-	(17) WAGES. Total wages of an employee (including gross
315		-	wages, salaries, overtime and bonuses), defined by reference
316		-	to Section 25-4-16(b), without application of Sections
317		-	25-4-16(b)(1), 25-4-16(b)(2)a., 25-4-16(b)(3), and
318		-	25-4-16(b)(4).
319		-	"§40-18-372
320		-	A qualifying project must be found by the Secretary of
321		-	Commerce to conduct an activity specified in subdivision (1)
322		-	and to meet the minimum standard set forth in subdivision (2).
323		-	(1) A qualifying project must predominantly conduct an
324		-	activity that is any one or more of the following:
325		-	a. Described by NAICS Code 1133, 115111, 2121, 22111,
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	350	+	undertaken by an approved company that satisfies Section
	351	+	40-18-372.
	352	+	(15)(14) RELATED COMPANY. Any company that is under
	353	+	common ownership, management, or control with a company or an
	354	+	approved company, as the case may be Any entity that owns,
	355	+	directly or through one or more entities, a 50 percent or
	356	+	greater interest in the capital or profits of another .
	357	+	(15) RENEWABLE ENERGY GENERATION. Energy derived from
	358	+	biomass, geothermal, hydrogen, hydropower, marine energy,
	359	+	solar, or wind.
	360	+	(16) UTILITY TAXES. The taxes imposed by Sections
	361	+	40-21-82 and 40-21-102.
	362	+	(17) WAGES. Total wages of an employee (including gross
	363	+	wages, salaries, overtime and bonuses), defined by reference
	364	+	to Section 25-4-16(b), without application of Sections
	365	+	25-4-16(b)(1), 25-4-16(b)(2)a., 25-4-16(b)(3), and
	366	+	25-4-16(b)(4).
	367	+	"§40-18-372
	368	+	A qualifying project must be found by the Secretary of
	369	+	Commerce to conduct an activity specified in subdivision (1)
	370	+	and to meet the minimum standard set forth in subdivision (2).
	371	+	(1) A qualifying project must predominantly conduct an
	372	+	activity that is any one or more of the following:
	373	+	a. Described by NAICS Code 1133, 115111, 2121, 22111,
355	374		221330, 31 (other than 311811), 32, 33, 423, 424, 482, 4862,
356	375		48691, 48699, 48819, 4882, 4883 (other than 48833), 493, 511,
357	376		5121 (other than 51213), 51221, 517, 518 (without regard to
358	377		the premise that data processing and related services be
359		-	performed in conjunction with a third party), 51913, 52232,
360		-	54133 (if predominantly in furtherance of another activity
361		-	described in this article), 54134 (if predominantly in
362		-	furtherance of another activity described in this article),
363		-	54138, 5415, 541614, 5417, 55 (if not for the production of
364		-	electricity), 561422 (other than establishments that originate
365		-	telephone calls), 562213, 56291, 56292, 611512, 927, or 92811.
366		-	b. The production of biofuel as such term is defined in
367		-	Section 2-2-90(c)(2).
368		-	c. A renewable energy generation facility that is owned
369		-	by one or more electric providers, as such term is defined in
370		-	Section 37-16-3(10), for providing electric service at retail
371		-	in Alabama. For purposes of this subdivision, an "electric
372		-	provider" shall also include an authority as defined in
373		-	Section 11-50A-1(1). In the case of an electric provider that
374		-	is also a tax-exempt organization under the Internal Revenue
375		-	Code, notwithstanding Section 40-18-376(b)(3), any investment
376		-	credit may be transferred for the entire term of the project
377		-	agreement, as approved by the Governor. A "renewable energy
378		-	generation facility" as used in this subdivision shall include
379		-	any tangible property that is part of renewable energy
380		-	generation, including any addition, modification, expansion,
381		-	or upgrade to transmission or distribution systems that is
382		-	required to accommodate the interconnection of renewable
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384	379		170
385	380		171
386	381		172
387	382		173
388	383		174
389	384		175
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401	396		187
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403	398		189
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405	400		191
406	401		192
407	402		193
408	403		194
409	404		195
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	407	+	performed in conjunction with a third party), 51913, 52232,
	408	+	54133 (if predominantly in furtherance of another activity
	409	+	described in this article), 54134 (if predominantly in
	410	+	furtherance of another activity described in this article),
	411	+	54138, 5415, 541614, 5417, 55 (if not for the production of
	412	+	electricity), 561422 (other than establishments that originate
	413	+	telephone calls), 562213, 56291, 56292, 611512, 927, or 92811.
	414	+	b. The production of biofuel as such term is defined in
	415	+	Section 2-2-90(c)(2).
	416	+	c. A renewable energy generation facility that is owned
	417	+	by one or more electric providers, as such term is defined in
	418	+	Section 37-16-3(10), for providing electric service at retail
	419	+	in Alabama. For purposes of this subdivision, an "electric
	420	+	provider" shall also include an authority as defined in
	421	+	Section 11-50A-1(1). In the case of an electric provider that
	422	+	is also a tax-exempt organization under the Internal Revenue
	423	+	Code, notwithstanding Section 40-18-376(b)(3), any investment
	424	+	credit may be transferred for the entire term of the project
	425	+	agreement, as approved by the Governor. A "renewable energy
	426	+	generation facility" as used in this subdivision shall include
	427	+	any tangible property that is part of renewable energy
	428	+	generation, including any addition, modification, expansion,
	429	+	or upgrade to transmission or distribution systems that is
	430	+	required to accommodate the interconnection of renewable
412	431		energy generation.
413	432		c.d. The conduct of original investigations undertaken
414	433		on a systematic basis to gain new knowledge or the application
415	434		of research findings or other scientific knowledge to create
416		-	new or significantly improved products or processes.
417		-	d.e. The national or regional headquarters for a
418		-	company that conducts significant business operations outside
419		-	the state and that will serve as the principal office of the
420		-	company’s principal operating officer with chief
421		-	responsibility for the daily business operations of the
422		-	company.
423		-	e. A commercial enterprise which is open to the public
424		-	not less than 120 days during a calendar year and is designed
425		-	to attract visitors from inside or outside of the State of
426		-	Alabama, typically for its inherent cultural value, historical
427		-	significance, natural or man-made beauty, or entertainment or
428		-	amusement opportunities, including, but not limited to, a
429		-	cultural or historical site, a botanical garden, a museum, a
430		-	wildlife park or aquarium open to the public that cares for
431		-	and displays a collection of animals or fish, an amusement
432		-	park, a convention hotel and conference center, a water park,
433		-	or a spectator venue or arena.
434		-	f. A target of the state’s economic development efforts
435		-	pursuant to the Accelerate Alabama Strategic Economic
436		-	Development Plan adopted in January 2012 by the Alabama
437		-	Economic Development Alliance, created by Executive Order
438		-	Number 21 of the Governor on July 18, 2011, or any amended
439		-	version or successor document thereto.
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462	457		219
463	458		220
464	459		221
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469		-	g. A type listed in a regulation adopted by the
	464	+	new or significantly improved products or processes.
	465	+	d.e. The national or regional headquarters for a
	466	+	company that conducts significant business operations outside
	467	+	the state and that will serve as the principal office of the
	468	+	company’s principal operating officer with chief
	469	+	responsibility for the daily business operations of the
	470	+	company.
	471	+	e.f. A commercial enterprise which is open to the
	472	+	public not less than 120 days during a calendar year and is
	473	+	designed to attract visitors from inside or outside of the
	474	+	State of Alabama, typically for its inherent cultural value,
	475	+	historical significance, natural or man-made beauty, or
	476	+	entertainment or amusement opportunities, including, but not
	477	+	limited to, a cultural or historical site, a botanical garden,
	478	+	a museum, a wildlife park or aquarium open to the public that
	479	+	cares for and displays a collection of animals or fish, an
	480	+	amusement park, a convention hotel and conference center, a
	481	+	water park, or a spectator venue or arena.
	482	+	f.g. A target of the state’s economic development
	483	+	efforts pursuant to the Accelerate Alabama Strategic Economic
	484	+	Development Plan adopted in January 2012 by the Alabama
	485	+	Economic Development Alliance, created by Executive Order
	486	+	Number 21 of the Governor on July 18, 2011, or any amended
	487	+	version or successor document thereto.
	488	+	g.h. A type listed in a regulation adopted by the
470	489		Department of Commerce, other than a regulation submitted as
471	490		an emergency rule.
472	491		Notwithstanding the foregoing, a qualifying project may
473		-	not engage predominantly in farming activities involving
474		-	trees, animals, or crops, and a qualifying project may not
475		-	engage predominantly in the retail sale of tangible personal
476		-	property or services, and may not be a shopping center,
477		-	restaurant, movie theater, bowling alley, fitness center,
478		-	miniature golf course, nightclub, gaming facility, or
479		-	establishment serving the local community. However, if such
480		-	excluded activities are not the predominant activity at the
481		-	project, and if the project is otherwise a qualifying project,
482		-	then the project agreement may provide that the capital
483		-	investment may include costs related to excluded activities
484		-	that are ancillary to the primary business conducted as part
485		-	of the project. This provision shall not be deemed to exclude
486		-	customer service centers, call centers or headquarters
487		-	otherwise allowed by this subdivision (1).
488		-	(2) A qualifying project shall create a significant
489		-	number of new jobs for the area in which the qualifying
490		-	project shall be located. Absent a finding of extraordinary
491		-	circumstances by the Secretary of Commerce, a qualifying
492		-	project shall employ either of the following number of new
493		-	employees:
494		-	a. Any number of new employees, for a qualifying
495		-	project in which the predominant activity involves chemical
496		-	manufacturing, data centers, renewable energy generation,
497	492		225
498	493		226
499	494		227
500	495		228
501	496		229
502	497		230
503	498		231
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506	501		234
507	502		235
508	503		236
509	504		237
510	505		238
511	506		239
512	507		240
513	508		241
514	509		242
515	510		243
516	511		244
517	512		245
518	513		246
519	514		247
520	515		248
521	516		249
522	517		250
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	521	+	not engage predominantly in farming activities involving
	522	+	trees, animals, or crops, and a qualifying project may not
	523	+	engage predominantly in the retail sale of tangible personal
	524	+	property or services, and may not be a shopping center,
	525	+	restaurant, movie theater, bowling alley, fitness center,
	526	+	miniature golf course, nightclub, gaming facility, or
	527	+	establishment serving the local community. However, if such
	528	+	excluded activities are not the predominant activity at the
	529	+	project, and if the project is otherwise a qualifying project,
	530	+	then the project agreement may provide that the capital
	531	+	investment may include costs related to excluded activities
	532	+	that are ancillary to the primary business conducted as part
	533	+	of the project. This provision shall not be deemed to exclude
	534	+	customer service centers, call centers or headquarters
	535	+	otherwise allowed by this subdivision (1).
	536	+	(2) A qualifying project shall create a significant
	537	+	number of new jobs for the area in which the qualifying
	538	+	project shall be located. Absent a finding of extraordinary
	539	+	circumstances by the Secretary of Commerce, a qualifying
	540	+	project shall employ either of the following number of new
	541	+	employees:
	542	+	a. Any number of new employees, for a qualifying
	543	+	project in which the predominant activity involves chemical
	544	+	manufacturing, data centers, renewable energy generation,
526	545		engineering, design, or research, metal/machining technology
527	546		or toolmaking; or
528	547		b. At least 50 new employees, for all other qualifying
529	548		projects."
530		-	"§40-18-374
531		-	(a) An incentivized company may claim either or both of
532		-	the jobs act incentives, to the extent provided in the project
533		-	agreement.
534		-	(b) In order for an incentivized company to claim the
535		-	jobs act incentives, the Governor and the incentivized company
536		-	shall execute a project agreement. The agreement shall contain
537		-	all of the following:
538		-	(1) The name of the incentivized company;
539		-	(2) The location of the qualifying project;
540		-	(3) The activity to be conducted at the qualifying
541		-	project;
542		-	(4) The jobs act incentives to be granted and the order
543		-	in which they shall be claimed ;
544		-	(5) The capital investment to be made at the qualifying
545		-	project;
546		-	(6) The time period for the capital investment to be
547		-	made at the qualifying project;
548		-	(7) The number of eligible employees at the qualifying
549		-	project;
550		-	(8) The anticipated wages to be paid to or for the
551		-	benefit of eligible employees during the incentive period for
552		-	the jobs created;
553		-	(9) The dates or conditions that shall begin the
554	549		253
555	550		254
556	551		255
557	552		256
558	553		257
559	554		258
560	555		259
561	556		260
562	557		261
563	558		262
564	559		263
565	560		264
566	561		265
567	562		266
568	563		267
569	564		268
570	565		269
571	566		270
572	567		271
573	568		272
574	569		273
575	570		274
576	571		275
577	572		276
578	573		277
579	574		278
580	575		279
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582	577		Page 11
	578	+	"§40-18-374
	579	+	(a) An incentivized company may claim either or both of
	580	+	the jobs act incentives, to the extent provided in the project
	581	+	agreement.
	582	+	(b) In order for an incentivized company to claim the
	583	+	jobs act incentives, the Governor and the incentivized company
	584	+	shall execute a project agreement. The agreement shall contain
	585	+	all of the following:
	586	+	(1) The name of the incentivized company;
	587	+	(2) The location of the qualifying project;
	588	+	(3) The activity to be conducted at the qualifying
	589	+	project;
	590	+	(4) The jobs act incentives to be granted and the order
	591	+	in which they shall be claimed ;
	592	+	(5) The capital investment to be made at the qualifying
	593	+	project;
	594	+	(6) The time period for the capital investment to be
	595	+	made at the qualifying project;
	596	+	(7) The number of eligible employees at the qualifying
	597	+	project;
	598	+	(8) The anticipated wages to be paid to or for the
	599	+	benefit of eligible employees during the incentive period for
	600	+	the jobs created;
	601	+	(9) The dates or conditions that shall begin the
583	602		running of the incentive periods for applicable jobs act
584	603		incentives;
585	604		(10) The lengths of the incentive periods for the jobs
586	605		act incentives;
587		-	(11) Any annual or aggregate limitations on the amount
588		-	of either or both of the jobs act incentives that can be
589		-	claimed during an incentive period;
590		-	(12) Provisions governing the recapture of all or part
591		-	of the jobs act incentives awarded to the qualifying project,
592		-	should the approved company default on its obligations in the
593		-	project agreement;
594		-	(13) Whether the project agreement may be assigned by
595		-	the approved company to some other purchaser, assignee, or
596		-	successor;
597		-	(14) Any other terms, conditions, and limitations that
598		-	this article or the Governor may require for an incentivized
599		-	company to qualify for and receive a jobs act incentive; and
600		-	(15) Any other terms the parties deem necessary or
601		-	desirable.
602		-	(c) The Governor may decrease the amounts and durations
603		-	of the jobs act incentives to ensure that the anticipated
604		-	revenues for the state will exceed the amount of tax
605		-	incentives sought."
606		-	"§40-18-375
607		-	(a)(1) If provided for in the project agreement and in
608		-	accordance with the terms therein, the incentivized company is
609		-	allowed a jobs credit against utility taxes, in an annual
610		-	amount equalup to 3 percent of the wages paid to eligible
611	606		281
612	607		282
613	608		283
614	609		284
615	610		285
616	611		286
617	612		287
618	613		288
619	614		289
620	615		290
621	616		291
622	617		292
623	618		293
624	619		294
625	620		295
626	621		296
627	622		297
628	623		298
629	624		299
630	625		300
631	626		301
632	627		302
633	628		303
634	629		304
635	630		305
636	631		306
637	632		307
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639	634		Page 12
	635	+	(11) Any annual or aggregate limitations on the amount
	636	+	of either or both of the jobs act incentives that can be
	637	+	claimed during an incentive period;
	638	+	(12) Provisions governing the recapture of all or part
	639	+	of the jobs act incentives awarded to the qualifying project,
	640	+	should the approved company default on its obligations in the
	641	+	project agreement;
	642	+	(13) Whether the project agreement may be assigned by
	643	+	the approved company to some other purchaser, assignee, or
	644	+	successor;
	645	+	(14) Any other terms, conditions, and limitations that
	646	+	this article or the Governor may require for an incentivized
	647	+	company to qualify for and receive a jobs act incentive; and
	648	+	(15) Any other terms the parties deem necessary or
	649	+	desirable.
	650	+	(c) The Governor may decrease the amounts and durations
	651	+	of the jobs act incentives to ensure that the anticipated
	652	+	revenues for the state will exceed the amount of tax
	653	+	incentives sought."
	654	+	"§40-18-375
	655	+	(a)(1) If provided for in the project agreement and in
	656	+	accordance with the terms therein, the incentivized company is
	657	+	allowed a jobs credit against utility taxes, in an annual
	658	+	amount equalup to 3 percent of the wages paid to eligible
640	659		Alabama resident employees during the prior year. The
641	660		incentive period shall be not exceed 10 years.
642	661		(2) If the incentivized company is engaged in
643	662		pharmaceutical, biomedical, medical technology or medical
644		-	supplies manufacturing, or its related research and
645		-	development activities, the incentivized company is allowed a
646		-	jobs credit against utility taxes, in an annual amount equalup
647		-	to 4 percent of the wages paid to eligible Alabama resident
648		-	employees during the prior year. The incentive period shall
649		-	benot exceed 10 years. This applies to companies that
650		-	predominantly conduct an activity described by NAICS code
651		-	3254, 339112, or 339113, to include related research and
652		-	development.
653		-	(b) The project agreement shall provide that one of the
654		-	following methods shall be used to realize the benefits of the
655		-	jobs credit:
656		-	(1)a. As further provided in the project agreement, the
657		-	The jobs credit may be paid to the incentivized company as a
658		-	refund out of utility taxes during the incentive period,
659		-	regardless of the amount of utility taxes actually paid by the
660		-	incentivized company.
661		-	b. For each year of the incentive period for the jobs
662		-	credit, the incentivized company shall submit to the
663		-	Department of Commerce a certification as to the wages paid to
664		-	eligible employees during the prior year. Following such
665		-	examination as it deems necessary, the Department of Commerce
666		-	may certify the information and deliver the same to the
667		-	Department of Revenue. Thereafter, the Department of Revenue
668	663		309
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685	680		326
686	681		327
687	682		328
688	683		329
689	684		330
690	685		331
691	686		332
692	687		333
693	688		334
694	689		335
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	692	+	supplies manufacturing, or its related research and
	693	+	development activities, the incentivized company is allowed a
	694	+	jobs credit against utility taxes, in an annual amount equalup
	695	+	to 4 percent of the wages paid to eligible Alabama resident
	696	+	employees during the prior year. The incentive period shall
	697	+	benot exceed 10 years. This applies to companies that
	698	+	predominantly conduct an activity described by NAICS code
	699	+	3254, 339112, or 339113, to include related research and
	700	+	development.
	701	+	(b) The project agreement shall provide that one of the
	702	+	following methods shall be used to realize the benefits of the
	703	+	jobs credit:
	704	+	(1)a. As further provided in the project agreement, the
	705	+	The jobs credit may be paid to the incentivized company as a
	706	+	refund out of utility taxes during the incentive period,
	707	+	regardless of the amount of utility taxes actually paid by the
	708	+	incentivized company.
	709	+	b. For each year of the incentive period for the jobs
	710	+	credit, the incentivized company shall submit to the
	711	+	Department of Commerce a certification as to the wages paid to
	712	+	eligible employees during the prior year. Following such
	713	+	examination as it deems necessary, the Department of Commerce
	714	+	may certify the information and deliver the same to the
	715	+	Department of Revenue. Thereafter, the Department of Revenue
697	716		shall calculate the correct refund and issue it directly to
698	717		the incentivized company.
699	718		(2)a. The jobs credit may be claimed as a credit
700	719		against utility taxes actually paid until the effective date
701		-	of this act, after which time the provisions of subdivision
702		-	(b)(1) shall control, and the offset provided in this
703		-	subdivision shall cease unless the provisions stated in
704		-	subdivision (b)(1) are explicitly stated in the project
705		-	agreement that was executed prior to the effective date of
706		-	this act. In any one year, if the credit exceeds the amount of
707		-	taxes that are allowed to be offset by the project agreement
708		-	and that are owed by the incentivized company, the
709		-	incentivized company may carry the credit forward, to the
710		-	extent allowed in the project agreement. No carryforward shall
711		-	be allowed for more than five years. Rules similar to those
712		-	used for Section 40-18-15.2 shall be applied.
713		-	b. Prior to claiming the jobs credit as provided in
714		-	this subdivision, the incentivized company shall submit to the
715		-	Department of Commerce a certification as to the wages paid to
716		-	eligible employees during the prior year. Following such
717		-	examination as it deems necessary, the Department of Commerce
718		-	may certify the information and deliver same to the Department
719		-	of Revenue. Thereafter, the Department of Revenue shall allow
720		-	the jobs credit.
721		-	(c) The realization methods in subsection (b) shall not
722		-	create debts of the state within the meaning of Section 213 of
723		-	the Official Recompilation of the Constitution of Alabama of
724		-	1901, as amended 2022.
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728	723		340
729	724		341
730	725		342
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738	733		350
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740	735		352
741	736		353
742	737		354
743	738		355
744	739		356
745	740		357
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747	742		359
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	749	+	of this act, after which time the provisions of subdivision
	750	+	(b)(1) shall control and the offset provided in this
	751	+	subdivision shall cease unless the provisions stated in
	752	+	subdivision (b)(1) are explicitly stated in the project
	753	+	agreement that was executed prior to the effective date of
	754	+	this act. In any one year, if the credit exceeds the amount of
	755	+	taxes that are allowed to be offset by the project agreement
	756	+	and that are owed by the incentivized company, the
	757	+	incentivized company may carry the credit forward, to the
	758	+	extent allowed in the project agreement. No carryforward shall
	759	+	be allowed for more than five years. Rules similar to those
	760	+	used for Section 40-18-15.2 shall be applied.
	761	+	b. Prior to claiming the jobs credit as provided in
	762	+	this subdivision, the incentivized company shall submit to the
	763	+	Department of Commerce a certification as to the wages paid to
	764	+	eligible employees during the prior year. Following such
	765	+	examination as it deems necessary, the Department of Commerce
	766	+	may certify the information and deliver same to the Department
	767	+	of Revenue. Thereafter, the Department of Revenue shall allow
	768	+	the jobs credit.
	769	+	(c) The realization methods in subsection (b) shall not
	770	+	create debts of the state within the meaning of Section 213 of
	771	+	the Official Recompilation of the Constitution of Alabama of
	772	+	1901, as amended 2022.
754	773		(d) The Department of Finance shall adopt rules to
755	774		ensure that the credit in no case would reduce the
756	775		distribution for the Alabama Special Mental Health Trust Fund
757	776		by using any unencumbered funds ."
758		-	"§40-18-376
759		-	(a) If provided for in the project agreement, the
760		-	incentivized company is allowed an investment credit in an
761		-	annual amount equalup to 1.5 percent of the capital investment
762		-	incurred as of the beginning of the incentive period, to be
763		-	used as follows:
764		-	(1) To offset the income taxes found in this chapter,
765		-	or as an estimated tax payment of income taxes;
766		-	(2) To offset the financial institution excise tax
767		-	found in Chapter 16;
768		-	(3) To offset the insurance premium tax levied by
769		-	Section 27-4A-3(a), or as an estimated payment of insurance
770		-	premium tax;
771		-	(4) To offset utility taxes;
772		-	(5) To offset state license taxes levied by Article 2
773		-	of Chapter 21; or
774		-	(6) To offset some combination of the foregoing, so
775		-	long as the same credit is used only once.
776		-	The incentive period shall begin no earlier than the
777		-	placed-in-service date. The incentive period shall be not
778		-	exceed 10 years. Should only some portion of a tax year be
779		-	included in the incentive period, the amount of the investment
780		-	credit shall be prorated on a daily basis.
781		-	(b) A project agreement may specify any one or more of
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804	799		387
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	806	+	"§40-18-376
	807	+	(a) If provided for in the project agreement, the
	808	+	incentivized company is allowed an investment credit in an
	809	+	annual amount equalup to 1.5 percent of the capital investment
	810	+	incurred as of the beginning of the incentive period, to be
	811	+	used as follows:
	812	+	(1) To offset the income taxes found in this chapter,
	813	+	or as an estimated tax payment of income taxes;
	814	+	(2) To offset the financial institution excise tax
	815	+	found in Chapter 16;
	816	+	(3) To offset the insurance premium tax levied by
	817	+	Section 27-4A-3(a), or as an estimated payment of insurance
	818	+	premium tax;
	819	+	(4) To offset utility taxes;
	820	+	(5) To offset state license taxes levied by Article 2
	821	+	of Chapter 21; or
	822	+	(6) To offset some combination of the foregoing, so
	823	+	long as the same credit is used only once.
	824	+	The incentive period shall begin no earlier than the
	825	+	placed-in-service date. The incentive period shall be not
	826	+	exceed 10 years. Should only some portion of a tax year be
	827	+	included in the incentive period, the amount of the investment
	828	+	credit shall be prorated on a daily basis.
	829	+	(b) A project agreement may specify any one or more of
811	830		the following methods by which the investment credit shall be
812	831		realized by the incentivized company, so long as a credit is
813	832		not utilized more than once:
814	833		(1)a. The investment credit may be claimed as a credit
815		-	against the taxes in subsection (a) that are actually paid. In
816		-	any one year, if the credit exceeds the amount of taxes that
817		-	are allowed to be offset by the project agreement and that are
818		-	owed by the incentivized company, the incentivized company may
819		-	carry the credit forward, to the extent allowed in the project
820		-	agreement. No carryforward shall be allowed for more than five
821		-	years. Rules similar to those used for Section 40-18-15.2
822		-	shall be applied.
823		-	b. Prior to claiming the investment credit as provided
824		-	in this subdivision, the incentivized company shall submit to
825		-	the Department of Commerce a certification as to its capital
826		-	investment as of the dates specified in the project agreement.
827		-	Following such examination as it deems necessary, the
828		-	Department of Commerce may certify the information and deliver
829		-	the same to the Department of Revenue. Thereafter, the
830		-	Department of Revenue shall allow the investment credit.
831		-	(2) The project agreement may authorize an incentivized
832		-	company that is taxed as a flow-through entity to allocate the
833		-	credit among some or all of the owners in any manner
834		-	specified, regardless of whether the allocation follows rules
835		-	similar to 26 U.S.C. § 704(b) and the regulations thereunder.
836		-	The owners may then use their allocated share of the
837		-	investment credit to offset any of the taxes listed in
838		-	subsection (a), as provided in subdivision (1). This
839	834		393
840	835		394
841	836		395
842	837		396
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859	854		413
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	863	+	against the taxes in subsection (a) that are actually paid. In
	864	+	any one year, if the credit exceeds the amount of taxes that
	865	+	are allowed to be offset by the project agreement and that are
	866	+	owed by the incentivized company, the incentivized company may
	867	+	carry the credit forward, to the extent allowed in the project
	868	+	agreement. No carryforward shall be allowed for more than five
	869	+	years. Rules similar to those used for Section 40-18-15.2
	870	+	shall be applied.
	871	+	b. Prior to claiming the investment credit as provided
	872	+	in this subdivision, the incentivized company shall submit to
	873	+	the Department of Commerce a certification as to its capital
	874	+	investment as of the dates specified in the project agreement.
	875	+	Following such examination as it deems necessary, the
	876	+	Department of Commerce may certify the information and deliver
	877	+	the same to the Department of Revenue. Thereafter, the
	878	+	Department of Revenue shall allow the investment credit.
	879	+	(2) The project agreement may authorize an incentivized
	880	+	company that is taxed as a flow-through entity to allocate the
	881	+	credit among some or all of the owners in any manner
	882	+	specified, regardless of whether the allocation follows rules
	883	+	similar to 26 U.S.C. § 704(b) and the regulations thereunder.
	884	+	The owners may then use their allocated share of the
	885	+	investment credit to offset any of the taxes listed in
	886	+	subsection (a), as provided in subdivision (1). This
868	887		subdivision shall be liberally construed to apply to multiple
869	888		levels of companies, to allow the investment credits to be
870	889		used by those persons bearing the tax burdens of the
871	890		qualifying project, and such companies shall include but shall
872		-	in no way be limited to flow-through entities, employee stock
873		-	ownership plans, mutual funds, real estate investment trusts,
874		-	and it shall also apply to offset the income tax liability of
875		-	employee/owners of a flow-through entity owned by an employee
876		-	stock ownership plan trust.
877		-	(3) All or part of the first three years The Secretary
878		-	of Commerce may recommend to the Governor that the
879		-	incentivized company be granted transferability of the
880		-	investment credit may be transferred by the incentivized
881		-	company and applied by another person or company as follows:
882		-	a. A transfer of the credit shall be made by written,
883		-	notarized contract.
884		-	b. No such transfer shall occur before the contract is
885		-	approved by the Secretary of Commerce. In determining whether
886		-	to approve any transfer, the Secretary shall make all of the
887		-	following findings:
888		-	(i) That any for up to the first five years. Any
889		-	investment credit transferred shall be at the value of at
890		-	least 85 percent of the value of the credit. Any one year’s
891		-	investment credit will shall not be purchased by more than
892		-	three transferees, unless such limitation is found by the
893		-	Secretary of Commerce to unnecessarily to limit the class of
894		-	potential transferees ;.
895		-	(ii) That the proposed transfer will enhance the
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900	895		425
901	896		426
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917	912		442
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921	916		446
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	920	+	in no way be limited to flow-through entities, employee stock
	921	+	ownership plans, mutual funds, real estate investment trusts,
	922	+	and it shall also apply to offset the income tax liability of
	923	+	employee/owners of a flow-through entity owned by an employee
	924	+	stock ownership plan trust.
	925	+	(3) All or part of the first three years The Secretary
	926	+	of Commerce may recommend to the Governor that the
	927	+	incentivized company be granted transferability of the
	928	+	investment credit may be transferred by the incentivized
	929	+	company and applied by another person or company as follows:
	930	+	a. A transfer of the credit shall be made by written,
	931	+	notarized contract.
	932	+	b. No such transfer shall occur before the contract is
	933	+	approved by the Secretary of Commerce. In determining whether
	934	+	to approve any transfer, the Secretary shall make all of the
	935	+	following findings:
	936	+	(i) That any for up to the first five years. Any
	937	+	investment credit transferred shall be at the value of at
	938	+	least 85 percent of the value of the credit. Any one year’s
	939	+	investment credit will shall not be purchased by more than
	940	+	three transferees, unless such limitation is found by the
	941	+	Secretary of Commerce to unnecessarily to limit the class of
	942	+	potential transferees ;.
	943	+	(ii) That the proposed transfer will enhance the
925	944		economic benefits of the qualifying project; and
926	945		(iii) That the transfer is at a value of at least 85
927	946		percent of the present value of the credits.
928	947		Upon making affirmative findings on the criteria set
929		-	forth above, the Secretary of Commerce shall recommend to the
930		-	Governor that the transfer should be approved. Information
931		-	about the proposed transfer shall be forwarded to the
932		-	Governor, and the Governor may include provisions about the
933		-	transfer in the project agreement, or in an amendment thereto
934		-	executed by the Governor and the incentivized company.
935		-	c. If a transfer is approved, the incentivized company
936		-	shall submit to the Department of Commerce the following:
937		-	(i) Certifications as to its capital investment as of
938		-	the dates specified in the project agreement. Following such
939		-	examination as it deems necessary, the If approved by the
940		-	Governor, transferability shall be allowed in the project
941		-	agreement, subject to any notice and verification requirements
942		-	determined by the Department of Commerce. Prior to any
943		-	transfer, the investment credit shall be certified by the
944		-	Department of Commerce may certify the information and deliver
945		-	the same to the Department of Revenue pursuant to paragraph
946		-	(b)(1)b. of Section 40-18-376 .
947		-	(ii) Certified information about the transfers,
948		-	including identifying information about the transferees and
949		-	the amount of credit each transferee should claim. Following
950		-	such examination as it deems necessary, the Department of
951		-	Commerce may certify the information and deliver the same to
952		-	the Department of Revenue.
953	948		449
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972	967		468
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	977	+	forth above, the Secretary of Commerce shall recommend to the
	978	+	Governor that the transfer should be approved. Information
	979	+	about the proposed transfer shall be forwarded to the
	980	+	Governor, and the Governor may include provisions about the
	981	+	transfer in the project agreement, or in an amendment thereto
	982	+	executed by the Governor and the incentivized company.
	983	+	c. If a transfer is approved, the incentivized company
	984	+	shall submit to the Department of Commerce the following:
	985	+	(i) Certifications as to its capital investment as of
	986	+	the dates specified in the project agreement. Following such
	987	+	examination as it deems necessary, the If approved by the
	988	+	Governor, transferability shall be allowed in the project
	989	+	agreement, subject to any notice and verification requirements
	990	+	determined by the Department of Commerce. Prior to any
	991	+	transfer, the investment credit shall be certified by the
	992	+	Department of Commerce may certify the information and deliver
	993	+	the same to the Department of Revenue pursuant to paragraph
	994	+	(b)(1)b. of Section 40-18-376 .
	995	+	(ii) Certified information about the transfers,
	996	+	including identifying information about the transferees and
	997	+	the amount of credit each transferee should claim. Following
	998	+	such examination as it deems necessary, the Department of
	999	+	Commerce may certify the information and deliver the same to
	1000	+	the Department of Revenue.
982	1001		d. Upon receipt of the certifications from the
983	1002		Department of Commerce as required by paragraph c., the The
984	1003		Department of Revenue shall adopt a transfer statement form to
985	1004		be filed by the transferor in a manner prescribed by the
986		-	Department of Revenue. The transfer statement form shall
987		-	include the name and federal taxpayer identification number of
988		-	the transferor and each transferee listed therein along with
989		-	the amount of the tax credit to be transferred to each
990		-	transferee listed on the form. The transfer statement form
991		-	shall also contain such other information as the Department of
992		-	Revenue may reasonably require. For each transfer of a credit,
993		-	the incentivized company shall file with the Department of
994		-	Revenue, and a copy to the Department of Commerce, (1) a
995		-	completed transfer statement form; (2) a copy of the
996		-	investment credit certification issued by the Department of
997		-	Commerce; and (3) a copy of the executed transfer agreement.
998		-	Filing of the executed transfer agreement with the Department
999		-	of Revenue shall perfect such transfer to the respect to such
1000		-	transferee and the Department of Revenue shall thereafter
1001		-	allow the appropriate amount of the investment credit to
1002		-	offset the tax liability of the transferee for any of the
1003		-	taxes listed in subsection (a) and, for any project agreements
1004		-	entered into after January 1, 2021 only, state license taxes
1005		-	levied by Article 2 of Chapter 21. In any one year, if the
1006		-	investment credit exceeds the amount of taxes that are allowed
1007		-	to be offset and that are owed by the transferee, the
1008		-	transferee may carry the credit forward for five years. A
1009		-	transferee may not make a subsequent transfer of the credit.
1010	1005		477
1011	1006		478
1012	1007		479
1013	1008		480
1014	1009		481
1015	1010		482
1016	1011		483
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1026	1021		493
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1029	1024		496
1030	1025		497
1031	1026		498
1032	1027		499
1033	1028		500
1034	1029		501
1035	1030		502
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	1034	+	Department of Revenue. The transfer statement form shall
	1035	+	include the name and federal taxpayer identification number of
	1036	+	the transferor and each transferee listed therein along with
	1037	+	the amount of the tax credit to be transferred to each
	1038	+	transferee listed on the form. The transfer statement form
	1039	+	shall also contain such other information as the Department of
	1040	+	Revenue may reasonably require. For each transfer of a credit,
	1041	+	the incentivized company shall file with the Department of
	1042	+	Revenue, and a copy to the Department of Commerce, (1) a
	1043	+	completed transfer statement form; (2) a copy of the
	1044	+	investment credit certification issued by the Department of
	1045	+	Commerce; and (3) a copy of the executed transfer agreement.
	1046	+	Filing of the executed transfer agreement with the Department
	1047	+	of Revenue shall perfect such transfer to the respect to such
	1048	+	transferee and the Department of Revenue shall thereafter
	1049	+	allow the appropriate amount of the investment credit to
	1050	+	offset the tax liability of the transferee for any of the
	1051	+	taxes listed in subsection (a) and, for any project agreements
	1052	+	entered into after January 1, 2021 only, state license taxes
	1053	+	levied by Article 2 of Chapter 21. In any one year, if the
	1054	+	investment credit exceeds the amount of taxes that are allowed
	1055	+	to be offset and that are owed by the transferee, the
	1056	+	transferee may carry the credit forward for five years. A
	1057	+	transferee may not make a subsequent transfer of the credit.
1039	1058		The Department of Revenue may adopt rules necessary to
1040	1059		implement and administer the transfer provisions as provided
1041	1060		in this act.
1042	1061		e. If a credit is transferred, an incentivized company
1043		-	that is later determined by the Secretary of Commerce to have
1044		-	defaulted under the project agreement shall be liable for the
1045		-	underpayment of tax attributable to the credit and for
1046		-	penalties and interest thereon. Unless the purchase of the
1047		-	credits is determined to have been made in a fraudulent
1048		-	manner, or is a transfer in anticipation of bankruptcy,
1049		-	insolvency, or closure, a transferee shall not be liable for
1050		-	the unpaid tax attributable to the credit, or for penalties or
1051		-	interest thereon.
1052		-	(c) The realization methods in subsection (b) shall not
1053		-	create debts of the state within the meaning of Section 213 of
1054		-	the Official Recompilation of the Constitution of Alabama of
1055		-	1901, as amended 2022.
1056		-	(d)(1) To the extent the investment credit is used to
1057		-	offset a financial institution excise tax liability, in making
1058		-	the report required by Section 40-16-6(d), the financial
1059		-	institution receiving the investment credit shall not take
1060		-	into account the qualifying project, and the Department of
1061		-	Finance shall adopt rules to ensure that the credit in no case
1062		-	would reduce the distribution for municipalities and counties.
1063		-	(2) To the extent the investment credit is used to
1064		-	offset an insurance premium tax liability, the Department of
1065		-	Finance shall adopt rules to ensure that the credit would in
1066		-	no case reduce the distributions to the Alabama Special Mental
1067	1062		505
1068	1063		506
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1091	1086		529
1092	1087		530
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	1091	+	that is later determined by the Secretary of Commerce to have
	1092	+	defaulted under the project agreement shall be liable for the
	1093	+	underpayment of tax attributable to the credit and for
	1094	+	penalties and interest thereon. Unless the purchase of the
	1095	+	credits is determined to have been made in a fraudulent
	1096	+	manner, or is a transfer in anticipation of bankruptcy,
	1097	+	insolvency, or closure, a transferee shall not be liable for
	1098	+	the unpaid tax attributable to the credit, or for penalties or
	1099	+	interest thereon.
	1100	+	(c) The realization methods in subsection (b) shall not
	1101	+	create debts of the state within the meaning of Section 213 of
	1102	+	the Official Recompilation of the Constitution of Alabama of
	1103	+	1901, as amended 2022.
	1104	+	(d)(1) To the extent the investment credit is used to
	1105	+	offset a financial institution excise tax liability, in making
	1106	+	the report required by Section 40-16-6(d), the financial
	1107	+	institution receiving the investment credit shall not take
	1108	+	into account the qualifying project, and the Department of
	1109	+	Finance shall adopt rules to ensure that the credit in no case
	1110	+	would reduce the distribution for municipalities and counties.
	1111	+	(2) To the extent the investment credit is used to
	1112	+	offset an insurance premium tax liability, the Department of
	1113	+	Finance shall adopt rules to ensure that the credit would in
	1114	+	no case reduce the distributions to the Alabama Special Mental
1096	1115		Health Trust Fund by using any unencumbered funds .
1097	1116		(3) To the extent the investment credit is used to
1098	1117		offset liability for the tax imposed by Section 40-21-82 or
1099	1118		Article 2 of Chapter 21, the Department of Finance shall adopt
1100		-	rules to ensure that the credit in no case would reduce the
1101		-	distribution for the Alabama Special Mental Health Trust Fund
1102		-	by using any unencumbered funds ."
1103		-	"§40-18-376.1
1104		-	(a) As used in this section, the following terms shall
1105		-	have the following meaning s:
1106		-	(1) JUMP START COUNTY. Any Alabama county which meets
1107		-	all the following:
1108		-	a. That does not qualify as a targeted county.
1109		-	b. That has experienced negative population growth over
1110		-	the last five years as determined by the Commissioner of Labor
1111		-	as of each January 1 using the most current data available
1112		-	from the United States Departments of Labor or Commerce, the
1113		-	United States Bureau of the Census, or any other federal or
1114		-	state agency or department.
1115		-	c. Contains no more than two opportunity zones as they
1116		-	existed on June 1, 2019.
1117		-	(2) TARGETED COUNTY. Any Alabama county that has a
1118		-	population of 50,00060,000 or less, as determined by the
1119		-	Commissioner of Labor as of each January 1 using the most
1120		-	current data available from the United States Departments of
1121		-	Labor or Commerce, the United States Bureau of the Census, or
1122		-	any other federal or state agency or department.
1123		-	(b) In making the findings required by Section
1124	1119		533
1125	1120		534
1126	1121		535
1127	1122		536
1128	1123		537
1129	1124		538
1130	1125		539
1131	1126		540
1132	1127		541
1133	1128		542
1134	1129		543
1135	1130		544
1136	1131		545
1137	1132		546
1138	1133		547
1139	1134		548
1140	1135		549
1141	1136		550
1142	1137		551
1143	1138		552
1144	1139		553
1145	1140		554
1146	1141		555
1147	1142		556
1148	1143		557
1149	1144		558
1150	1145		559
1151		-	560 HB241 ~~EnrolledHB241 Enrolled~~
	1146	+	560 HB241 INTRODUCEDHB241 INTRODUCED
1152	1147		Page 21
	1148	+	rules to ensure that the credit in no case would reduce the
	1149	+	distribution for the Alabama Special Mental Health Trust Fund
	1150	+	by using any unencumbered funds ."
	1151	+	"§40-18-376.1
	1152	+	(a) As used in this section, the following terms shall
	1153	+	have the following meaning:
	1154	+	(1) JUMP START COUNTY. Any Alabama county which meets
	1155	+	all the following:
	1156	+	a. That does not qualify as a targeted county.
	1157	+	b. That has experienced negative population growth over
	1158	+	the last five years as determined by the Commissioner of Labor
	1159	+	as of each January 1 using the most current data available
	1160	+	from the United States Departments of Labor or Commerce, the
	1161	+	United States Bureau of the Census, or any other federal or
	1162	+	state agency or department.
	1163	+	c. Contains no more than two opportunity zones as they
	1164	+	existed on June 1, 2019.
	1165	+	(2) TARGETED COUNTY. Any Alabama county that has a
	1166	+	population of 50,000 or less, as determined by the
	1167	+	Commissioner of Labor as of each January 1 using the most
	1168	+	current data available from the United States Departments of
	1169	+	Labor or Commerce, the United States Bureau of the Census, or
	1170	+	any other federal or state agency or department.
	1171	+	(b) In making the findings required by Section
1153	1172		40-18-373(a), a company that proposes a qualifying project in
1154	1173		a targeted or jumpstart county shall be an approved company
1155	1174		for purposes of this section only if the Secretary of Commerce
1156	1175		makes the additional finding that the qualifying project will
1157		-	increase the economic diversity of, or otherwise benefit, the
1158		-	targeted or jumpstart county.
1159		-	(c) For purposes of determining in Section
1160		-	40-18-372(2)b. whether a qualifying project may receive the
1161		-	jobs act incentives, a project to be located in a targeted or
1162		-	jumpstart county shall employ at least ten new employees and
1163		-	shall involve, directly or indirectly, at least two million
1164		-	dollars ($2,000,000) of capital, absent a finding of
1165		-	extraordinary circumstances by the Secretary of Commerce.
1166		-	(d) If the qualifying project is located in a county
1167		-	which is deemed to be a targeted or jumpstart county on the
1168		-	date the project agreement is executed, the following shall be
1169		-	applicable:
1170		-	(1) The jobs credit provided in Section 40-18-375(a)
1171		-	shall be up to 4.0 percent of the wages paid to
1172		-	eligibleAlabama resident employees during the prior year; and
1173		-	(2) The investment credit provided in Section
1174		-	40-18-376(a) shall have an incentive period of not to exceed
1175		-	15 years.
1176		-	(e) Each year, the incentives in subsection (d) may be
1177		-	extended to no more than two qualifying projects not in
1178		-	targeted or jumpstart counties. Such incentives shall be
1179		-	granted in project agreements executed by the Governor on the
1180		-	recommendation of the Secretary of Commerce."
1181	1176		561
1182	1177		562
1183	1178		563
1184	1179		564
1185	1180		565
1186	1181		566
1187	1182		567
1188	1183		568
1189	1184		569
1190	1185		570
1191	1186		571
1192	1187		572
1193	1188		573
1194	1189		574
1195	1190		575
1196	1191		576
1197	1192		577
1198	1193		578
1199	1194		579
1200	1195		580
1201	1196		581
1202	1197		582
1203	1198		583
1204	1199		584
1205	1200		585
1206	1201		586
1207	1202		587
1208		-	588 HB241 ~~EnrolledHB241 Enrolled~~
	1203	+	588 HB241 INTRODUCEDHB241 INTRODUCED
1209	1204		Page 22
	1205	+	increase the economic diversity of, or otherwise benefit, the
	1206	+	targeted or jumpstart county.
	1207	+	(c) For purposes of determining in Section
	1208	+	40-18-372(2)b. whether a qualifying project may receive the
	1209	+	jobs act incentives, a project to be located in a targeted or
	1210	+	jumpstart county shall employ at least ten new employees and
	1211	+	shall involve, directly or indirectly, at least two million
	1212	+	dollars ($2,000,000) of capital, absent a finding of
	1213	+	extraordinary circumstances by the Secretary of Commerce.
	1214	+	(d) If the qualifying project is located in a county
	1215	+	which is deemed to be a targeted or jumpstart county on the
	1216	+	date the project agreement is executed, the following shall be
	1217	+	applicable:
	1218	+	(1) The jobs credit provided in Section 40-18-375(a)
	1219	+	shall be up to 4.0 percent of the wages paid to
	1220	+	eligibleAlabama resident employees during the prior year; and
	1221	+	(2) The investment credit provided in Section
	1222	+	40-18-376(a) shall have an incentive period of not to exceed
	1223	+	15 years.
	1224	+	(e) Each year, the incentives in subsection (d) may be
	1225	+	extended to no more than two qualifying projects not in
	1226	+	targeted or jumpstart counties. Such incentives shall be
	1227	+	granted in project agreements executed by the Governor on the
	1228	+	recommendation of the Secretary of Commerce."
1210	1229		"§40-18-376.2
1211	1230		(a) The provisions in this section shall apply to the
1212	1231		following:
1213	1232		(1) Any incentivized company that employed, in the
1214		-	prior year, at least 12 percent of its eligible employees as
1215		-	veterans who received an honorable or general discharge. The
1216		-	calculation of the percentage of eligible employees who are
1217		-	veterans shall be made using the method provided in a project
1218		-	agreement.
1219		-	(2) Any incentivized company that employed eligible
1220		-	employees by or through with a qualifying project located
1221		-	within a former active duty military installation closed by
1222		-	the Base Realignment and Closure process.
1223		-	(b)(1) Any incentivized company described by
1224		-	subdivision (1) of subsection (a) shall receive an additional
1225		-	0.5 percent jobs credit provided in Section 40-18-375(a) on
1226		-	the wages paid during the prior year to eligible Alabama
1227		-	resident employees who are veterans.
1228		-	(2) Any incentivized company described by subdivision
1229		-	(2) of subsection (a) shall receive an additional 0.5 percent
1230		-	jobs credit provided in Section 40-18-375(a) on the wages paid
1231		-	during the prior year to its eligible Alabama resident
1232		-	employees.
1233		-	(c) No incentivized company claiming the credit
1234		-	provided by subdivision (1) of subsection (b) shall also claim
1235		-	the credit provided by Article 13 of this chapter for any
1236		-	portion of the project.
1237		-	(d) The Department of Labor shall periodically verify
1238	1233		589
1239	1234		590
1240	1235		591
1241	1236		592
1242	1237		593
1243	1238		594
1244	1239		595
1245	1240		596
1246	1241		597
1247	1242		598
1248	1243		599
1249	1244		600
1250	1245		601
1251	1246		602
1252	1247		603
1253	1248		604
1254	1249		605
1255	1250		606
1256	1251		607
1257	1252		608
1258	1253		609
1259	1254		610
1260	1255		611
1261	1256		612
1262	1257		613
1263	1258		614
1264	1259		615
1265		-	616 HB241 ~~EnrolledHB241 Enrolled~~
	1260	+	616 HB241 INTRODUCEDHB241 INTRODUCED
1266	1261		Page 23
	1262	+	prior year, at least 12 percent of its eligible employees as
	1263	+	veterans who received an honorable or general discharge. The
	1264	+	calculation of the percentage of eligible employees who are
	1265	+	veterans shall be made using the method provided in a project
	1266	+	agreement.
	1267	+	(2) Any incentivized company that employed eligible
	1268	+	employees by or through with a qualifying project located
	1269	+	within a former active duty military installation closed by
	1270	+	the Base Realignment and Closure process.
	1271	+	(b)(1) Any incentivized company described by
	1272	+	subdivision (1) of subsection (a) shall receive an additional
	1273	+	0.5 percent jobs credit provided in Section 40-18-375(a) on
	1274	+	the wages paid during the prior year to eligible Alabama
	1275	+	resident employees who are veterans.
	1276	+	(2) Any incentivized company described by subdivision
	1277	+	(2) of subsection (a) shall receive an additional 0.5 percent
	1278	+	jobs credit provided in Section 40-18-375(a) on the wages paid
	1279	+	during the prior year to its eligible Alabama resident
	1280	+	employees.
	1281	+	(c) No incentivized company claiming the credit
	1282	+	provided by subdivision (1) of subsection (b) shall also claim
	1283	+	the credit provided by Article 13 of this chapter for any
	1284	+	portion of the project.
	1285	+	(d) The Department of Labor shall periodically verify
1267	1286		the actual number of veterans employed by the incentivized
1268	1287		company described in subdivision (1) of subsection (a) and the
1269	1288		wages of the veterans during the relevant year. If the
1270	1289		Department of Labor is not able to provide the verification
1271		-	utilizing all available resources, it may request any
1272		-	additional information from the incentivized company as may be
1273		-	necessary."
1274		-	"§40-18-376.3
1275		-	(a)(1) This section shall be applicable to a technology
1276		-	company so long as there is a project agreement which provides
1277		-	that Alabama is or will become the company's headquarters, the
1278		-	place of residence of its top three executives, and the place
1279		-	of residence of at least 75 percent of its employees.
1280		-	(2) In making the findings required by Section
1281		-	40-18-373(1), a technology company that proposes a qualifying
1282		-	project shall be an approved company for purposes of this
1283		-	section only if the Secretary of Commerce makes the additional
1284		-	finding that the qualifying project will increase the economic
1285		-	diversity of, or otherwise benefit, the state.
1286		-	(3) A qualifying project shall be deemed to be in
1287		-	existence, notwithstanding the requirements of Section
1288		-	40-18-372, so long as at least 10 new employees are employed
1289		-	at the qualifying project, absent a finding of extraordinary
1290		-	circumstances by the Secretary of Commerce.
1291		-	(b) If provided for in the project agreement, the
1292		-	following shall be allowed to any company which meets all the
1293		-	criteria in subsection (a):
1294		-	(1) A jobs credit against utility taxes , in an annual
1295	1290		617
1296	1291		618
1297	1292		619
1298	1293		620
1299	1294		621
1300	1295		622
1301	1296		623
1302	1297		624
1303	1298		625
1304	1299		626
1305	1300		627
1306	1301		628
1307	1302		629
1308	1303		630
1309	1304		631
1310	1305		632
1311	1306		633
1312	1307		634
1313	1308		635
1314	1309		636
1315	1310		637
1316	1311		638
1317	1312		639
1318	1313		640
1319	1314		641
1320	1315		642
1321	1316		643
1322		-	644 HB241 ~~EnrolledHB241 Enrolled~~
	1317	+	644 HB241 INTRODUCEDHB241 INTRODUCED
1323	1318		Page 24
	1319	+	utilizing all available resources, it may request any
	1320	+	additional information from the incentivized company as may be
	1321	+	necessary."
	1322	+	"§40-18-376.3
	1323	+	(a)(1) This section shall be applicable to a technology
	1324	+	company so long as there is a project agreement which provides
	1325	+	that Alabama is or will become the company's headquarters, the
	1326	+	place of residence of its top three executives, and the place
	1327	+	of residence of at least 75 percent of its employees.
	1328	+	(2) In making the findings required by Section
	1329	+	40-18-373(1), a technology company that proposes a qualifying
	1330	+	project shall be an approved company for purposes of this
	1331	+	section only if the Secretary of Commerce makes the additional
	1332	+	finding that the qualifying project will increase the economic
	1333	+	diversity of, or otherwise benefit, the state.
	1334	+	(3) A qualifying project shall be deemed to be in
	1335	+	existence, notwithstanding the requirements of Section
	1336	+	40-18-372, so long as at least 10 new employees are employed
	1337	+	at the qualifying project, absent a finding of extraordinary
	1338	+	circumstances by the Secretary of Commerce.
	1339	+	(b) If provided for in the project agreement, the
	1340	+	following shall be allowed to any company which meets all the
	1341	+	criteria in subsection (a):
	1342	+	(1) A jobs credit against utility taxes , in an annual
1324	1343		amount equal up to 4 percent of the wages paid to
1325	1344		eligibleAlabama resident employees during the prior year. The
1326	1345		incentive period shall be not exceed 10 years.
1327	1346		(2) An investment credit as provided in Section
1328		-	40-18-376.
1329		-	(c) A "technology company" is any company which meets
1330		-	all the criteria in subdivision (1) or (2):
1331		-	(1) A company that earns at least 75 percent of its
1332		-	revenues from either of the following:
1333		-	a. Activities within subsector 518; industry group
1334		-	5112, 5121 (other than 51213), 5415, or 5417; or industry
1335		-	51913 of the 2012 North American Industry Classification
1336		-	System, or any similar classification system developed in
1337		-	conjunction with the United States Department of Commerce or
1338		-	Office of Management and Budget.
1339		-	b. The use of technology to develop new coding or
1340		-	processes for the creation or delivery of goods or services in
1341		-	the following fields, or any additional activities determined
1342		-	by the Secretary of Commerce to be beneficial to the
1343		-	enhancement of businesses rooted in either of the following
1344		-	fields:
1345		-	1. Any of the fields of education, healthcare, energy,
1346		-	agriculture, infrastructure, software, robotics, nutrition,
1347		-	aerospace, automotive, or financial services.
1348		-	2. Any fields related to science, technology,
1349		-	engineering, or mathematics.
1350		-	(2) A company that, for a fixed term, educates and
1351		-	mentors early-stage technology companies recruited to a
1352	1347		645
1353	1348		646
1354	1349		647
1355	1350		648
1356	1351		649
1357	1352		650
1358	1353		651
1359	1354		652
1360	1355		653
1361	1356		654
1362	1357		655
1363	1358		656
1364	1359		657
1365	1360		658
1366	1361		659
1367	1362		660
1368	1363		661
1369	1364		662
1370	1365		663
1371	1366		664
1372	1367		665
1373	1368		666
1374	1369		667
1375	1370		668
1376	1371		669
1377	1372		670
1378	1373		671
1379		-	672 HB241 ~~EnrolledHB241 Enrolled~~
	1374	+	672 HB241 INTRODUCEDHB241 INTRODUCED
1380	1375		Page 25
	1376	+	40-18-376.
	1377	+	(c) A "technology company" is any company which meets
	1378	+	all the criteria in subdivision (1) or (2):
	1379	+	(1) A company that earns at least 75 percent of its
	1380	+	revenues from either of the following:
	1381	+	a. Activities within subsector 518; industry group
	1382	+	5112, 5121 (other than 51213), 5415, or 5417; or industry
	1383	+	51913 of the 2012 North American Industry Classification
	1384	+	System, or any similar classification system developed in
	1385	+	conjunction with the United States Department of Commerce or
	1386	+	Office of Management and Budget.
	1387	+	b. The use of technology to develop new coding or
	1388	+	processes for the creation or delivery of goods or services in
	1389	+	the following fields, or any additional activities determined
	1390	+	by the Secretary of Commerce to be beneficial to the
	1391	+	enhancement of businesses rooted in either of the following
	1392	+	fields:
	1393	+	1. Any of the fields of education, healthcare, energy,
	1394	+	agriculture, infrastructure, software, robotics, nutrition,
	1395	+	aerospace, automotive, or financial services.
	1396	+	2. Any fields related to science, technology,
	1397	+	engineering, or mathematics.
	1398	+	(2) A company that, for a fixed term, educates and
	1399	+	mentors early-stage technology companies recruited to a
1381	1400		location in Alabama, with the goal of accelerating the
1382	1401		companies' development and growth."
1383	1402		"§40-18-376.4
1384	1403		(a) This section shall be applicable to an
1385		-	underrepresented company, as defined in this section. In
1386		-	making the findings required by Section 40-18-373(1), an
1387		-	underrepresented company that proposes a qualifying project
1388		-	shall be an approved company for purposes of this section only
1389		-	if the Secretary of Commerce makes the additional finding that
1390		-	the qualifying project will increase economic diversity and
1391		-	will benefit the state.
1392		-	(b) If provided for in the project agreement, the
1393		-	following shall be allowed to any company which meets all of
1394		-	the criteria in subsection (a):
1395		-	(1) Absent a finding of extraordinary circumstances by
1396		-	the Secretary of Commerce, a qualifying project shall be
1397		-	deemed to be in existence notwithstanding the requirements of
1398		-	Section 40-18-372 so long as 10 new jobs are created.
1399		-	(2) A jobs credit against utility taxes, in an annual
1400		-	amount equal up to 4 percent of the wages paid to
1401		-	eligibleAlabama resident employees during the prior year.
1402		-	(3) The investment credit provided in Section
1403		-	40-18-376(a) shall have an incentive period of not to exceed
1404		-	15 years.
1405		-	(c) An "underrepresented company" is any company which
1406		-	meets all the criteria in the following subdivision (1) or
1407		-	(2):
1408		-	(1) The company is a for-profit business headquartered
1409	1404		673
1410	1405		674
1411	1406		675
1412	1407		676
1413	1408		677
1414	1409		678
1415	1410		679
1416	1411		680
1417	1412		681
1418	1413		682
1419	1414		683
1420	1415		684
1421	1416		685
1422	1417		686
1423	1418		687
1424	1419		688
1425	1420		689
1426	1421		690
1427	1422		691
1428	1423		692
1429	1424		693
1430	1425		694
1431	1426		695
1432	1427		696
1433	1428		697
1434	1429		698
1435	1430		699
1436		-	700 HB241 ~~EnrolledHB241 Enrolled~~
	1431	+	700 HB241 INTRODUCEDHB241 INTRODUCED
1437	1432		Page 26
	1433	+	underrepresented company, as defined in this section. In
	1434	+	making the findings required by Section 40-18-373(1), an
	1435	+	underrepresented company that proposes a qualifying project
	1436	+	shall be an approved company for purposes of this section only
	1437	+	if the Secretary of Commerce makes the additional finding that
	1438	+	the qualifying project will increase economic diversity and
	1439	+	will benefit the state.
	1440	+	(b) If provided for in the project agreement, the
	1441	+	following shall be allowed to any company which meets all of
	1442	+	the criteria in subsection (a):
	1443	+	(1) Absent a finding of extraordinary circumstances by
	1444	+	the Secretary of Commerce, a qualifying project shall be
	1445	+	deemed to be in existence notwithstanding the requirements of
	1446	+	Section 40-18-372 so long as 10 new jobs are created.
	1447	+	(2) A jobs credit against utility taxes, in an annual
	1448	+	amount equal up to 4 percent of the wages paid to
	1449	+	eligibleAlabama resident employees during the prior year.
	1450	+	(3) The investment credit provided in Section
	1451	+	40-18-376(a) shall have an incentive period of not to exceed
	1452	+	15 years.
	1453	+	(c) An "underrepresented company" is any company which
	1454	+	meets all the criteria in the following subdivision (1) or
	1455	+	(2):
	1456	+	(1) The company is a for-profit business headquartered
1438	1457		in a community eligible for investment through the federal New
1439	1458		Markets Tax Credit program under 26 U.S.C. § 45D(e), has fewer
1440	1459		than 10 employees at the time the project agreement is
1441	1460		executed, and has average gross revenues of less than five
1442		-	hundred thousand dollars ($500,000) in the company’s three
1443		-	years prior to the execution of the project agreement; or
1444		-	(2) The company is a for-profit business that is
1445		-	independently owned and controlled and is at least 51 percent
1446		-	owned and controlled by one or more underrepresented persons
1447		-	or, in the case of a publicly-owned business, the company is a
1448		-	for-profit business of which at least 51 percent of the stock
1449		-	is owned and controlled by one or more underrepresented
1450		-	persons and whose daily management and operations are under
1451		-	the control of one or more underrepresented persons. As used
1452		-	herein, an underrepresented person is a United States citizen
1453		-	who is a woman or is African American."
1454		-	"§40-18-377
1455		-	(a) After its execution, the Department of Commerce
1456		-	shall forward to the Department of Revenue a copy of any
1457		-	project agreement that allows an incentivized company to claim
1458		-	a jobs act incentive.
1459		-	(b) Jobs act incentives shall not be considered
1460		-	securities under Section 8-6-2(10).
1461		-	(c) The acceptance of a tax credit under this article
1462		-	shall constitute approval and written consent by the taxpayer
1463		-	to disclose to the Secretary of Commerce the total tax
1464		-	liability, net operating loss, amount of credit claimed,
1465		-	recipient of the credit, and any transferor and transferee
1466	1461		701
1467	1462		702
1468	1463		703
1469	1464		704
1470	1465		705
1471	1466		706
1472	1467		707
1473	1468		708
1474	1469		709
1475	1470		710
1476	1471		711
1477	1472		712
1478	1473		713
1479	1474		714
1480	1475		715
1481	1476		716
1482	1477		717
1483	1478		718
1484	1479		719
1485	1480		720
1486	1481		721
1487	1482		722
1488	1483		723
1489	1484		724
1490	1485		725
1491	1486		726
1492	1487		727
1493		-	728 HB241 ~~EnrolledHB241 Enrolled~~
	1488	+	728 HB241 INTRODUCEDHB241 INTRODUCED
1494	1489		Page 27
	1490	+	hundred thousand dollars ($500,000) in the company’s three
	1491	+	years prior to the execution of the project agreement; or
	1492	+	(2) The company is a for-profit business that is
	1493	+	independently owned and controlled and is at least 51 percent
	1494	+	owned and controlled by one or more underrepresented persons
	1495	+	or, in the case of a publicly-owned business, the company is a
	1496	+	for-profit business of which at least 51 percent of the stock
	1497	+	is owned and controlled by one or more underrepresented
	1498	+	persons and whose daily management and operations are under
	1499	+	the control of one or more underrepresented persons. As used
	1500	+	herein, an underrepresented person is a United States citizen
	1501	+	who is a woman or is African American."
	1502	+	"§40-18-377
	1503	+	(a) After its execution, the Department of Commerce
	1504	+	shall forward to the Department of Revenue a copy of any
	1505	+	project agreement that allows an incentivized company to claim
	1506	+	a jobs act incentive.
	1507	+	(b) Jobs act incentives shall not be considered
	1508	+	securities under Section 8-6-2(10).
	1509	+	(c) The acceptance of a tax credit under this article
	1510	+	shall constitute approval and written consent by the taxpayer
	1511	+	to disclose to the Secretary of Commerce the total tax
	1512	+	liability, net operating loss, amount of credit claimed,
	1513	+	recipient of the credit, and any transferor and transferee
1495	1514		information. The Department of Revenue shall disclose such
1496	1515		information to the Department of Commerce upon written request
1497	1516		by the Secretary of Commerce. The information shall be limited
1498	1517		to what is necessary to administer the provisions of this
1499		-	article. Upon receipt of this information, the provisions of
1500		-	Section 40-2A-10 shall apply to the Department of Commerce and
1501		-	its employees with respect to the use, dissemination, or other
1502		-	handling of the information. "
1503		-	"§40-18-378
1504		-	(a) The Department of Labor shall periodically verify
1505		-	the actual number of eligible employees employed at the
1506		-	qualifying project and the wages of the eligible employees
1507		-	during the relevant year. If the Department of Labor is not
1508		-	able to provide the verification utilizing all available
1509		-	resources, it may request any additional information from the
1510		-	incentivized company as may be necessary. The Department of
1511		-	Revenue may periodically audit any incentivized company to
1512		-	monitor compliance by the incentivized company with this
1513		-	article. Nothing in this article shall be construed to limit
1514		-	the powers otherwise existing for the Department of Revenue to
1515		-	audit and assess an incentivized company. The Department of
1516		-	Insurance shall have similar audit rights over any
1517		-	incentivized company that is subject to the insurance premium
1518		-	tax.
1519		-	(b) The project agreement shall include provisions for
1520		-	the incentivized company to return any unearned credit
1521		-	amounts.
1522		-	(c)(1) An incentivized company shall be liable for any
1523	1518		729
1524	1519		730
1525	1520		731
1526	1521		732
1527	1522		733
1528	1523		734
1529	1524		735
1530	1525		736
1531	1526		737
1532	1527		738
1533	1528		739
1534	1529		740
1535	1530		741
1536	1531		742
1537	1532		743
1538	1533		744
1539	1534		745
1540	1535		746
1541	1536		747
1542	1537		748
1543	1538		749
1544	1539		750
1545	1540		751
1546	1541		752
1547	1542		753
1548	1543		754
1549	1544		755
1550		-	756 HB241 ~~EnrolledHB241 Enrolled~~
	1545	+	756 HB241 INTRODUCEDHB241 INTRODUCED
1551	1546		Page 28
	1547	+	article. Upon receipt of this information, the provisions of
	1548	+	Section 40-2A-10 shall apply to the Department of Commerce and
	1549	+	its employees with respect to the use, dissemination, or other
	1550	+	handling of the information. "
	1551	+	"§40-18-378
	1552	+	(a) The Department of Labor shall periodically verify
	1553	+	the actual number of eligible employees employed at the
	1554	+	qualifying project and the wages of the eligible employees
	1555	+	during the relevant year. If the Department of Labor is not
	1556	+	able to provide the verification utilizing all available
	1557	+	resources, it may request any additional information from the
	1558	+	incentivized company as may be necessary. The Department of
	1559	+	Revenue may periodically audit any incentivized company to
	1560	+	monitor compliance by the incentivized company with this
	1561	+	article. Nothing in this article shall be construed to limit
	1562	+	the powers otherwise existing for the Department of Revenue to
	1563	+	audit and assess an incentivized company. The Department of
	1564	+	Insurance shall have similar audit rights over any
	1565	+	incentivized company that is subject to the insurance premium
	1566	+	tax.
	1567	+	(b) The project agreement shall include provisions for
	1568	+	the incentivized company to return any unearned credit
	1569	+	amounts.
	1570	+	(c)(1) An incentivized company shall be liable for any
1552	1571		unearned portion of the jobs credit or investment credit it
1553	1572		claims or transfers pursuant to this article. The jobs credit
1554	1573		will be considered unearned when the incentivized company
1555	1574		fails to pay the full amount of wages or create the full
1556		-	number of jobs upon which the credit was based and claimed.
1557		-	The investment credit will be considered unearned when the
1558		-	incentivized company fails to make the full capital investment
1559		-	upon which the credit was based and claimed or upon which the
1560		-	credit was valued and then transferred. The incentivized
1561		-	company shall be liable for only that portion of the jobs
1562		-	credit or investment credit that was unearned. Any credit
1563		-	claimed by an owner of an incentivized company is deemed to
1564		-	have been claimed by the incentivized company for purposes of
1565		-	this subsection.
1566		-	(2) The Secretary of Commerce may report to the
1567		-	Department of Revenue any failure of an incentivized company
1568		-	to meet the jobs, wage, or investment requirements specified
1569		-	in the project agreement. The report will be made by March 31
1570		-	of the year following the calendar year in which the failure
1571		-	occurs and shall contain sufficient information for the
1572		-	Department of Revenue to calculate the unearned portion of the
1573		-	jobs credit or investment credit. The underpayment of the
1574		-	applicable tax will be deemed to have occurred upon the filing
1575		-	of the report. The report shall be treated as the filing of a
1576		-	return by the incentivized company for purposes of any
1577		-	applicable period of limitation.
1578		-	(3) The Department of Revenue may assess an
1579		-	incentivized company for any unearned portion of the
1580	1575		757
1581	1576		758
1582	1577		759
1583	1578		760
1584	1579		761
1585	1580		762
1586	1581		763
1587	1582		764
1588	1583		765
1589	1584		766
1590	1585		767
1591	1586		768
1592	1587		769
1593	1588		770
1594	1589		771
1595	1590		772
1596	1591		773
1597	1592		774
1598	1593		775
1599	1594		776
1600	1595		777
1601	1596		778
1602	1597		779
1603	1598		780
1604	1599		781
1605	1600		782
1606	1601		783
1607		-	784 HB241 ~~EnrolledHB241 Enrolled~~
	1602	+	784 HB241 INTRODUCEDHB241 INTRODUCED
1608	1603		Page 29
	1604	+	number of jobs upon which the credit was based and claimed.
	1605	+	The investment credit will be considered unearned when the
	1606	+	incentivized company fails to make the full capital investment
	1607	+	upon which the credit was based and claimed or upon which the
	1608	+	credit was valued and then transferred. The incentivized
	1609	+	company shall be liable for only that portion of the jobs
	1610	+	credit or investment credit that was unearned. Any credit
	1611	+	claimed by an owner of an incentivized company is deemed to
	1612	+	have been claimed by the incentivized company for purposes of
	1613	+	this subsection.
	1614	+	(2) The Secretary of Commerce may report to the
	1615	+	Department of Revenue any failure of an incentivized company
	1616	+	to meet the jobs, wage, or investment requirements specified
	1617	+	in the project agreement. The report will be made by March 31
	1618	+	of the year following the calendar year in which the failure
	1619	+	occurs and shall contain sufficient information for the
	1620	+	Department of Revenue to calculate the unearned portion of the
	1621	+	jobs credit or investment credit. The underpayment of the
	1622	+	applicable tax will be deemed to have occurred upon the filing
	1623	+	of the report. The report shall be treated as the filing of a
	1624	+	return by the incentivized company for purposes of any
	1625	+	applicable period of limitation.
	1626	+	(3) The Department of Revenue may assess an
	1627	+	incentivized company for any unearned portion of the
1609	1628		investment credit or jobs credit, with allowed interest and
1610	1629		penalties, pursuant to the terms of Chapter 2A or 29. The
1611	1630		liability shall be considered an underpayment of the tax
1612	1631		against which the respective credit was applied or refunded.
1613		-	(4) If more than one company is considered the
1614		-	incentivized company under the terms of the project agreement,
1615		-	each such company will be jointly and severally liable for any
1616		-	liability associated with the unearned credit.
1617		-	(d) Notwithstanding the provisions of subsection (c),
1618		-	no credit authorized under this article shall be approved and
1619		-	issued prior to the credit being earned. "
1620		-	"§40-18-382
1621		-	The incentives authorized by this article shall not be
1622		-	available for qualifying projects for which project agreements
1623		-	have not been executed on or prior to July 31, 20232028,
1624		-	unless the Legislature enacts legislation to continue or
1625		-	reinstate the incentives for new projects after that date. No
1626		-	action or inaction on the part of the Legislature shall reduce
1627		-	or suspend any incentive awarded pursuant to this article in
1628		-	any past or future calendar year with respect to qualifying
1629		-	projects for which project agreements have been executed on or
1630		-	prior to July 31, 20232028, it being the sole intention of
1631		-	this section that failure of the Legislature to enact
1632		-	legislation continuing the incentives authorized by this
1633		-	article for periods after July 31, 20232028, shall affect only
1634		-	the availability of the incentives to qualifying projects for
1635		-	which project agreements have not been executed on or prior to
1636		-	July 31, 20232028, and shall not affect qualifying projects
1637	1632		785
1638	1633		786
1639	1634		787
1640	1635		788
1641	1636		789
1642	1637		790
1643	1638		791
1644	1639		792
1645	1640		793
1646	1641		794
1647	1642		795
1648	1643		796
1649	1644		797
1650	1645		798
1651	1646		799
1652	1647		800
1653	1648		801
1654	1649		802
1655	1650		803
1656	1651		804
1657	1652		805
1658	1653		806
1659	1654		807
1660	1655		808
1661	1656		809
1662	1657		810
1663	1658		811
1664		-	812 HB241 ~~EnrolledHB241 Enrolled~~
	1659	+	812 HB241 INTRODUCEDHB241 INTRODUCED
1665	1660		Page 30
	1661	+	(4) If more than one company is considered the
	1662	+	incentivized company under the terms of the project agreement,
	1663	+	each such company will be jointly and severally liable for any
	1664	+	liability associated with the unearned credit.
	1665	+	(d) Notwithstanding the provisions of subsection (c),
	1666	+	no credit authorized under this article shall be approved and
	1667	+	issued prior to the credit being earned. "
	1668	+	"§40-18-382
	1669	+	The incentives authorized by this article shall not be
	1670	+	available for qualifying projects for which project agreements
	1671	+	have not been executed on or prior to July 31, 20232028,
	1672	+	unless the Legislature enacts legislation to continue or
	1673	+	reinstate the incentives for new projects after that date. No
	1674	+	action or inaction on the part of the Legislature shall reduce
	1675	+	or suspend any incentive awarded pursuant to this article in
	1676	+	any past or future calendar year with respect to qualifying
	1677	+	projects for which project agreements have been executed on or
	1678	+	prior to July 31, 20232028, it being the sole intention of
	1679	+	this section that failure of the Legislature to enact
	1680	+	legislation continuing the incentives authorized by this
	1681	+	article for periods after July 31, 20232028, shall affect only
	1682	+	the availability of the incentives to qualifying projects for
	1683	+	which project agreements have not been executed on or prior to
	1684	+	July 31, 20232028, and shall not affect qualifying projects
1666	1685		for which project agreements have been executed on or prior to
1667	1686		July 31, 20232028."
1668	1687		"§40-18-383
1669	1688		(a) At no time prior to the calendar year ending
1670		-	December 31, 2020, shall the annualized balance of outstanding
1671		-	jobs act incentives exceed $300 million, which amount would
1672		-	increase to three hundred twenty-five million dollars
1673		-	($325,000,000) for the calendar year ending December 31, 2021
1674		-	and, shall the annualized balance of the outstanding jobs act
1675		-	incentives exceed three hundred fifty million dollars
1676		-	($350,000,000) for the calendar year ending December 31, 2022 ,
1677		-	which amount would increase to three hundred seventy-five
1678		-	million dollars ($375,000,000) for the calendar year ending
1679		-	December 31, 2023, four hundred million dollars ($400,000,000)
1680		-	for the calendar year ending December 31, 2024, four hundred
1681		-	twenty-five million dollars ($425,000,000) for the calendar
1682		-	year ending December 31, 2025, four hundred fifty million
1683		-	dollars ($450,000,000) for the calendar year ending December
1684		-	31, 2026, and four hundred seventy-five million dollars
1685		-	($475,000,000) for the calendar year ending December 31, 2027,
1686		-	unless the Legislature enacts legislation to allow additional
1687		-	jobs act incentives. Of the above annualized balance, twenty
1688		-	million dollars ($20,000,000) shall apply to qualifying
1689		-	projects located in targeted or jumpstart counties as
1690		-	described in Section 40-18-376.1.
1691		-	(b) Jobs act incentives shall not be available to any
1692		-	project for which substantial construction activities have
1693		-	begun by July 2, 2015.
1694	1689		813
1695	1690		814
1696	1691		815
1697	1692		816
1698	1693		817
1699	1694		818
1700	1695		819
1701	1696		820
1702	1697		821
1703	1698		822
1704	1699		823
1705	1700		824
1706	1701		825
1707	1702		826
1708	1703		827
1709	1704		828
1710	1705		829
1711	1706		830
1712	1707		831
1713	1708		832
1714	1709		833
1715	1710		834
1716	1711		835
1717	1712		836
1718	1713		837
1719	1714		838
1720	1715		839
1721		-	840 HB241 ~~EnrolledHB241 Enrolled~~
	1716	+	840 HB241 INTRODUCEDHB241 INTRODUCED
1722	1717		Page 31
	1718	+	December 31, 2020, shall the annualized balance of outstanding
	1719	+	jobs act incentives exceed $300 million, which amount would
	1720	+	increase to three hundred twenty-five million dollars
	1721	+	($325,000,000) for the calendar year ending December 31, 2021
	1722	+	and shall the annualized balance of the outstanding jobs act
	1723	+	incentives exceed three hundred fifty million dollars
	1724	+	($350,000,000) for the calendar year ending December 31, 2022 ,
	1725	+	which amount would increase to three hundred seventy-five
	1726	+	million dollars ($375,000,000) for the calendar year ending
	1727	+	December 31, 2023, four hundred million dollars ($400,000,000)
	1728	+	for the calendar year ending December 31, 2024, four hundred
	1729	+	twenty-five million dollars ($425,000,000) for the calendar
	1730	+	year ending December 31, 2025, four hundred fifty million
	1731	+	dollars ($450,000,000) for the calendar year ending December
	1732	+	31, 2026, and four hundred seventy-five million dollars
	1733	+	($475,000,000) for the calendar year ending December 31, 2027,
	1734	+	unless the Legislature enacts legislation to allow additional
	1735	+	jobs act incentives. Of the above annualized balance, twenty
	1736	+	million dollars ($20,000,000) shall apply to qualifying
	1737	+	projects located in targeted or jumpstart counties as
	1738	+	described in Section 40-18-376.1.
	1739	+	(b) Jobs act incentives shall not be available to any
	1740	+	project for which substantial construction activities have
	1741	+	begun by July 2, 2015.
1723	1742		(c)(b) Jobs act incentives under this article shall not
1724	1743		be available for any qualifying project unless at least 80
1725	1744		percent of the eligible employees created by the qualifying
1726	1745		project are employed full time."
1727		-	"§40-18-417.1
1728		-	For the purposes of the Growing Alabama Act pursuant to
1729		-	this article, the following words and phrases shall have the
1730		-	following meanings:
1731		-	(1) ACCELERATOR. A company that, for a fixed term,
1732		-	educates and mentors early-stage technology companies
1733		-	recruited to a location in Alabama, with the goal of
1734		-	accelerating the companies’ development and growth.
1735		-	(2)(1) CAPITAL IMPROVEMENTS. Construction and
1736		-	rehabilitation expenses of a capital nature at an inland port
1737		-	or intermodal facility, the dredging of waterways in the
1738		-	immediate vicinity of an inland port, and the expansion of
1739		-	onsite storage facilities at an inland port or intermodal
1740		-	facility.
1741		-	(3)(2) ECONOMIC DEVELOPMENT ACTIVITIES. Activities and
1742		-	initiatives that enhance the use of, and flow of goods
1743		-	through, an inland port or intermodal facility.
1744		-	(4)(3) ECONOMIC DEVELOPMENT ORGANIZATION. A local
1745		-	economic development organization or a state economic
1746		-	development organization.
1747		-	(5)(4) GROWING ALABAMA CREDIT. The credit provided for
1748		-	in subsection (a) of Section 40-18-417.4.
1749		-	(6)(5) INDUSTRY or BUSINESS. An entity that would
1750		-	conduct at a site an activity that is primarily described in
1751	1746		841
1752	1747		842
1753	1748		843
1754	1749		844
1755	1750		845
1756	1751		846
1757	1752		847
1758	1753		848
1759	1754		849
1760	1755		850
1761	1756		851
1762	1757		852
1763	1758		853
1764	1759		854
1765	1760		855
1766	1761		856
1767	1762		857
1768	1763		858
1769	1764		859
1770	1765		860
1771	1766		861
1772	1767		862
1773	1768		863
1774	1769		864
1775	1770		865
1776	1771		866
1777	1772		867
1778		-	868 HB241 ~~EnrolledHB241 Enrolled~~
	1773	+	868 HB241 INTRODUCEDHB241 INTRODUCED
1779	1774		Page 32
	1775	+	"§40-18-417.1
	1776	+	For the purposes of this article, the following words
	1777	+	and phrases shall have the following meanings:
	1778	+	(1) ACCELERATOR. A company that, for a fixed term,
	1779	+	educates and mentors early-stage technology companies
	1780	+	recruited to a location in Alabama, with the goal of
	1781	+	accelerating the companies’ development and growth.
	1782	+	(2)(1) CAPITAL IMPROVEMENTS. Construction and
	1783	+	rehabilitation expenses of a capital nature at an inland port
	1784	+	or intermodal facility, the dredging of waterways in the
	1785	+	immediate vicinity of an inland port, and the expansion of
	1786	+	onsite storage facilities at an inland port or intermodal
	1787	+	facility.
	1788	+	(3)(2) ECONOMIC DEVELOPMENT ACTIVITIES. Activities and
	1789	+	initiatives that enhance the use of, and flow of goods
	1790	+	through, an inland port or intermodal facility.
	1791	+	(4)(3) ECONOMIC DEVELOPMENT ORGANIZATION. A local
	1792	+	economic development organization or a state economic
	1793	+	development organization.
	1794	+	(5)(4) GROWING ALABAMA CREDIT. The credit provided for
	1795	+	in subsection (a) of Section 40-18-417.4.
	1796	+	(6)(5) INDUSTRY or BUSINESS. An entity that would
	1797	+	conduct at a site an activity that is primarily described in
1780	1798		Section 40-18-372(1).
1781	1799		(7)(6) INLAND PORT. Any port on a navigable river away
1782	1800		from traditional land, air, and coastal borders.
1783	1801		(8)(7) INTERMODAL FACILITY. Any facility that
1784	1802		interconnects two or more different modes of air, rail, or
1785		-	road traffic serving multiple customers, and which involves
1786		-	storage facilities.
1787		-	(9)(8) LOCAL ECONOMIC DEVELOPMENT ORGANIZATION.
1788		-	Organizations which are determined by the Department of
1789		-	Commerce to meet both of the following criteria:
1790		-	a. The organization is an Alabama entity not operating
1791		-	for profit, including, but not limited to, a municipality or
1792		-	county, an industrial board or authority, a chamber of
1793		-	commerce, or some other foundation or Alabama nonprofit
1794		-	corporation charged with improving a community or region of
1795		-	the state.
1796		-	b. The organization has a record of supporting or
1797		-	otherwise participating in economic development in some part
1798		-	of this state.
1799		-	(10)(9) RENEWAL OF ALABAMA COMMISSION. The Renewal of
1800		-	Alabama Commission created by Section 40-18-402.
1801		-	(11)(10) SITE. Real property owned by a local economic
1802		-	development organization and intended for use by an industry
1803		-	or business.
1804		-	(12)(11) STATE ECONOMIC DEVELOPMENT ORGANIZATION. An
1805		-	organization that is determined by the Department of Commerce
1806		-	to be an Alabama entity not operating for profit which is
1807		-	charged with improving the state or a region of the state and
1808	1803		869
1809	1804		870
1810	1805		871
1811	1806		872
1812	1807		873
1813	1808		874
1814	1809		875
1815	1810		876
1816	1811		877
1817	1812		878
1818	1813		879
1819	1814		880
1820	1815		881
1821	1816		882
1822	1817		883
1823	1818		884
1824	1819		885
1825	1820		886
1826	1821		887
1827	1822		888
1828	1823		889
1829	1824		890
1830	1825		891
1831	1826		892
1832	1827		893
1833	1828		894
1834	1829		895
1835		-	896 HB241 ~~EnrolledHB241 Enrolled~~
	1830	+	896 HB241 INTRODUCEDHB241 INTRODUCED
1836	1831		Page 33
	1832	+	road traffic serving multiple customers, and which involves
	1833	+	storage facilities.
	1834	+	(9)(8) LOCAL ECONOMIC DEVELOPMENT ORGANIZATION.
	1835	+	Organizations which are determined by the Department of
	1836	+	Commerce to meet both of the following criteria:
	1837	+	a. The organization is an Alabama entity not operating
	1838	+	for profit, including, but not limited to, a municipality or
	1839	+	county, an industrial board or authority, a chamber of
	1840	+	commerce, or some other foundation or Alabama nonprofit
	1841	+	corporation charged with improving a community or region of
	1842	+	the state.
	1843	+	b. The organization has a record of supporting or
	1844	+	otherwise participating in economic development in some part
	1845	+	of this state.
	1846	+	(10)(9) RENEWAL OF ALABAMA COMMISSION. The Renewal of
	1847	+	Alabama Commission created by Section 40-18-402.
	1848	+	(11)(10) SITE. Real property owned by a local economic
	1849	+	development organization and intended for use by an industry
	1850	+	or business.
	1851	+	(12)(11) STATE ECONOMIC DEVELOPMENT ORGANIZATION. An
	1852	+	organization that is determined by the Department of Commerce
	1853	+	to be an Alabama entity not operating for profit which is
	1854	+	charged with improving the state or a region of the state and
1837	1855		has a record of supporting or otherwise participating in
1838	1856		economic development in the state."
1839	1857		"§40-18-417.2
1840	1858		(a)(1) A local economic development organization which
1841	1859		owns a site may apply to the Department of Commerce for
1842		-	funding to solve an inadequacy involving the site. The
1843		-	application by the local economic development organization
1844		-	shall include at least one of the following:
1845		-	a. If there is a pending expression of interest about
1846		-	the site from an industry or business, a list of the site
1847		-	preparation or public infrastructure work needed to make the
1848		-	site acceptable to the industry or business.
1849		-	b. If the site has been offered to one or more
1850		-	industries or businesses but the offer did not result in the
1851		-	industry or business locating on the site, a list of the site
1852		-	preparation or public infrastructure work which, if it had
1853		-	been completed, would have made the site acceptable to the
1854		-	industries or businesses.
1855		-	c. If the site is an industrial or research park which
1856		-	needs connections to interstates, highways, roadways, rail
1857		-	systems, or sewer, fiber, electrical, gas, or water
1858		-	infrastructure, a list of the site preparation or public
1859		-	infrastructure work needed.
1860		-	d. Capital improvements or economic development
1861		-	activities at an inland port or intermodal facility, as
1862		-	described in Section 40-18-417.1; provided that the
1863		-	application is accompanied by an economic impact report on
1864		-	such improvements or activities.
1865	1860		897
1866	1861		898
1867	1862		899
1868	1863		900
1869	1864		901
1870	1865		902
1871	1866		903
1872	1867		904
1873	1868		905
1874	1869		906
1875	1870		907
1876	1871		908
1877	1872		909
1878	1873		910
1879	1874		911
1880	1875		912
1881	1876		913
1882	1877		914
1883	1878		915
1884	1879		916
1885	1880		917
1886	1881		918
1887	1882		919
1888	1883		920
1889	1884		921
1890	1885		922
1891	1886		923
1892		-	924 HB241 ~~EnrolledHB241 Enrolled~~
	1887	+	924 HB241 INTRODUCEDHB241 INTRODUCED
1893	1888		Page 34
	1889	+	funding to solve an inadequacy involving the site. The
	1890	+	application by the local economic development organization
	1891	+	shall include at least one of the following:
	1892	+	a. If there is a pending expression of interest about
	1893	+	the site from an industry or business, a list of the site
	1894	+	preparation or public infrastructure work needed to make the
	1895	+	site acceptable to the industry or business.
	1896	+	b. If the site has been offered to one or more
	1897	+	industries or businesses but the offer did not result in the
	1898	+	industry or business locating on the site, a list of the site
	1899	+	preparation or public infrastructure work which, if it had
	1900	+	been completed, would have made the site acceptable to the
	1901	+	industries or businesses.
	1902	+	c. If the site is an industrial or research park which
	1903	+	needs connections to interstates, highways, roadways, rail
	1904	+	systems, or sewer, fiber, electrical, gas, or water
	1905	+	infrastructure, a list of the site preparation or public
	1906	+	infrastructure work needed.
	1907	+	d. Capital improvements or economic development
	1908	+	activities at an inland port or intermodal facility, as
	1909	+	described in Section 40-18-417.1; provided that the
	1910	+	application is accompanied by an economic impact report on
	1911	+	such improvements or activities.
1894	1912		e. Any site improvement or public infrastructure work
1895	1913		in census tracts that meets the definition of low-income
1896	1914		communities pursuant to 26 U.S.C. § 45D(e).
1897	1915		(2) An economic development organization may apply to
1898	1916		the Department of Commerce for funding to undertake any of the
1899		-	following issues:
1900		-	a. The creation, operation, or support of an
1901		-	accelerator for technology companies, provided that the
1902		-	application is accompanied by an economic impact report.
1903		-	Technology companies shall include companies which earn or
1904		-	reasonably expect to earn at least 75 percent of their
1905		-	revenues from sources described in Section 40-18-376.3(c)(1).
1906		-	b. Thethe construction, maintenance, promotion,
1907		-	operation, management, leasing, and subleasing of an
1908		-	agricultural center which includes a multi-use facility and
1909		-	related commercial and noncommercial structures for livestock,
1910		-	equestrian, small animal shows and events, spectator events,
1911		-	trade shows, educational conferences, agricultural and
1912		-	agricultural related industries, educational, demonstrational
1913		-	or training purposes, educational and training conferences or
1914		-	events, recreational vehicle rallies, recreational vehicle
1915		-	multi-day parking, hosting of corporate and non-corporate
1916		-	organization meetings, use as fair grounds, operation of
1917		-	retail activities, and other events and facilities expected to
1918		-	draw participants and spectators from states located across
1919		-	the southeastern United States, with a projected total annual
1920		-	economic impact upon completion of all phases of the
1921		-	agricultural center of at least thirty-five million dollars
1922	1917		925
1923	1918		926
1924	1919		927
1925	1920		928
1926	1921		929
1927	1922		930
1928	1923		931
1929	1924		932
1930	1925		933
1931	1926		934
1932	1927		935
1933	1928		936
1934	1929		937
1935	1930		938
1936	1931		939
1937	1932		940
1938	1933		941
1939	1934		942
1940	1935		943
1941	1936		944
1942	1937		945
1943	1938		946
1944	1939		947
1945	1940		948
1946	1941		949
1947	1942		950
1948	1943		951
1949		-	952 HB241 ~~EnrolledHB241 Enrolled~~
	1944	+	952 HB241 INTRODUCEDHB241 INTRODUCED
1950	1945		Page 35
	1946	+	following issues:
	1947	+	a. The creation, operation, or support of an
	1948	+	accelerator for technology companies, provided that the
	1949	+	application is accompanied by an economic impact report.
	1950	+	Technology companies shall include companies which earn or
	1951	+	reasonably expect to earn at least 75 percent of their
	1952	+	revenues from sources described in Section 40-18-376.3(c)(1).
	1953	+	b. Thethe construction, maintenance, promotion,
	1954	+	operation, management, leasing, and subleasing of an
	1955	+	agricultural center which includes a multi-use facility and
	1956	+	related commercial and noncommercial structures for livestock,
	1957	+	equestrian, small animal shows and events, spectator events,
	1958	+	trade shows, educational conferences, agricultural and
	1959	+	agricultural related industries, educational, demonstrational
	1960	+	or training purposes, educational and training conferences or
	1961	+	events, recreational vehicle rallies, recreational vehicle
	1962	+	multi-day parking, hosting of corporate and non-corporate
	1963	+	organization meetings, use as fair grounds, operation of
	1964	+	retail activities, and other events and facilities expected to
	1965	+	draw participants and spectators from states located across
	1966	+	the southeastern United States, with a projected total annual
	1967	+	economic impact upon completion of all phases of the
	1968	+	agricultural center of at least thirty-five million dollars
1951	1969		($35,000,000) and with the related and supporting
1952	1970		infrastructure and facilities having a projected capital
1953	1971		expenditure upon completion of all phases of the agricultural
1954	1972		center of at least one hundred million dollars ($100,000,000);
1955	1973		provided that the application is accompanied by an economic
1956		-	impact report on the agricultural center.
1957		-	c. The creation, operation, or support of programs
1958		-	designed to provide funding or other resources for businesses
1959		-	that are described in Section 40-18-376.4(c).
1960		-	(b) For any site preparation or public infrastructure
1961		-	work provided in subdivision (a)(1), the The application shall
1962		-	include quotes for the completion of the work, following
1963		-	compliance with the procedures set forth by the Department of
1964		-	Economic and Community Affairs, as if the organization were
1965		-	disbursing state funds received from the department.
1966		-	(c) The application provided in paragraph (a)(1) a. or
1967		-	b. shall include an estimate of the number of jobs, wages, and
1968		-	capital investment which would have been undertaken by the
1969		-	industries or businesses referred to in paragraph (a)(1) a. or
1970		-	b.
1971		-	(d) The application provided in subsection (a) shall
1972		-	include proof that the economic development organization has
1973		-	in full force and effect a conflict of interest policy
1974		-	consistent with that found in the instructions to Form 1023
1975		-	issued by the Internal Revenue Service.
1976		-	(e) The application provided in subsection (a) shall
1977		-	include a notarized affirmation by an officer of the economic
1978		-	development organization that the submission of the
1979	1974		953
1980	1975		954
1981	1976		955
1982	1977		956
1983	1978		957
1984	1979		958
1985	1980		959
1986	1981		960
1987	1982		961
1988	1983		962
1989	1984		963
1990	1985		964
1991	1986		965
1992	1987		966
1993	1988		967
1994	1989		968
1995	1990		969
1996	1991		970
1997	1992		971
1998	1993		972
1999	1994		973
2000	1995		974
2001	1996		975
2002	1997		976
2003	1998		977
2004	1999		978
2005	2000		979
2006		-	980 HB241 ~~EnrolledHB241 Enrolled~~
	2001	+	980 HB241 INTRODUCEDHB241 INTRODUCED
2007	2002		Page 36
	2003	+	impact report on the agricultural center.
	2004	+	c. The creation, operation, or support of programs
	2005	+	designed to provide funding or other resources for businesses
	2006	+	that are described in Section 40-18-376.4(c).
	2007	+	(b) For any site preparation or public infrastructure
	2008	+	work provided in subdivision (a)(1), the The application shall
	2009	+	include quotes for the completion of the work, following
	2010	+	compliance with the procedures set forth by the Department of
	2011	+	Economic and Community Affairs, as if the organization were
	2012	+	disbursing state funds received from the department.
	2013	+	(c) The application provided in paragraph (a)(1) a. or
	2014	+	b. shall include an estimate of the number of jobs, wages, and
	2015	+	capital investment which would have been undertaken by the
	2016	+	industries or businesses referred to in paragraph (a)(1) a. or
	2017	+	b.
	2018	+	(d) The application provided in subsection (a) shall
	2019	+	include proof that the economic development organization has
	2020	+	in full force and effect a conflict of interest policy
	2021	+	consistent with that found in the instructions to Form 1023
	2022	+	issued by the Internal Revenue Service.
	2023	+	(e) The application provided in subsection (a) shall
	2024	+	include a notarized affirmation by an officer of the economic
	2025	+	development organization that the submission of the
2008	2026		application did not violate the conflict of interest policy
2009	2027		referred to in subsection (d)."
2010	2028		"§40-18-417.3
2011	2029		(a) Following a review, if the Department of Commerce
2012	2030		should approve the application provided in subsection (a) of
2013		-	Section 40-18-417.2, it shall forward the application to the
2014		-	Renewal of Alabama Commission.
2015		-	(b) The Renewal of Alabama Commission shall consider
2016		-	the application and shall approve it if the commission deems
2017		-	it worthy of approval. As to improvements at industrial sites,
2018		-	the commission shall give preference to sites with at least
2019		-	1,000 acres of available space. As to applications for
2020		-	projects located in communities which have the potential to
2021		-	provide additional funding separate from the Growing Alabama
2022		-	Credits, the commission shall take into consideration whether
2023		-	the separate funding is to be provided to the project that is
2024		-	the subject of the application. Meetings of the commission are
2025		-	subject to Chapter 25A of Title 36. Notwithstanding the
2026		-	foregoing, the commission may meet by telephone or some other
2027		-	telecommunications device so long as members of the public are
2028		-	allowed the opportunity to listen to or otherwise observe the
2029		-	commission’s deliberations.
2030		-	(c) The approval of an application by the commission
2031		-	shall specify the amount of money which the economic
2032		-	development organization is allowed to receive so that it can
2033		-	complete the work specified in the application.
2034		-	(d) Following approval by the commission, the
2035		-	Department of Commerce shall enter into an agreement with the
2036	2031		981
2037	2032		982
2038	2033		983
2039	2034		984
2040	2035		985
2041	2036		986
2042	2037		987
2043	2038		988
2044	2039		989
2045	2040		990
2046	2041		991
2047	2042		992
2048	2043		993
2049	2044		994
2050	2045		995
2051	2046		996
2052	2047		997
2053	2048		998
2054	2049		999
2055	2050		1000
2056	2051		1001
2057	2052		1002
2058	2053		1003
2059	2054		1004
2060	2055		1005
2061	2056		1006
2062	2057		1007
2063		-	1008 HB241 ~~EnrolledHB241 Enrolled~~
	2058	+	1008 HB241 INTRODUCEDHB241 INTRODUCED
2064	2059		Page 37
	2060	+	Section 40-18-417.2, it shall forward the application to the
	2061	+	Renewal of Alabama Commission.
	2062	+	(b) The Renewal of Alabama Commission shall consider
	2063	+	the application and shall approve it if the commission deems
	2064	+	it worthy of approval. As to improvements at industrial sites,
	2065	+	the commission shall give preference to sites with at least
	2066	+	1,000 acres of available space. As to applications for
	2067	+	projects located in communities which have the potential to
	2068	+	provide additional funding separate from the Growing Alabama
	2069	+	Credits, the commission shall take into consideration whether
	2070	+	the separate funding is to be provided to the project that is
	2071	+	the subject of the application. Meetings of the commission are
	2072	+	subject to Chapter 25A of Title 36. Notwithstanding the
	2073	+	foregoing, the commission may meet by telephone or some other
	2074	+	telecommunications device so long as members of the public are
	2075	+	allowed the opportunity to listen to or otherwise observe the
	2076	+	commission’s deliberations.
	2077	+	(c) The approval of an application by the commission
	2078	+	shall specify the amount of money which the economic
	2079	+	development organization is allowed to receive so that it can
	2080	+	complete the work specified in the application.
	2081	+	(d) Following approval by the commission, the
	2082	+	Department of Commerce shall enter into an agreement with the
2065	2083		economic development organization which shall do all of the
2066	2084		following:
2067	2085		(1) Require the economic development organization to
2068	2086		use funding received as a result of this law only for the
2069	2087		purposes approved by the commission as expressed in the
2070		-	agreement.
2071		-	(2) Require the economic development organization to
2072		-	make periodic reports, not more often than annually, to the
2073		-	Department of Commerce and the commission, as required by the
2074		-	commission, on the disposition of the funds. As to a project
2075		-	described in subdivision (a)(1) of Section 40-18-417.2, the
2076		-	report shall include information on the marketing of the site,
2077		-	and the ultimate use of the site until such time as it makes a
2078		-	final report. As to a project related to inland ports or
2079		-	intermodal facilities as described in paragraph (a)(1) d. of
2080		-	Section 40-18-417.2 or a project related to a technology
2081		-	company oran agricultural center as described in subdivision
2082		-	(a)(2) of Section 40-18-417.2, the report shall include an
2083		-	economic impact report.
2084		-	(3) Require the economic development organization to
2085		-	provide a review of its financial accounts as directed by the
2086		-	Renewal of Alabama Commission.
2087		-	(e) For any approved applications, the Department of
2088		-	Commerce shall notify the Department of Revenue of the
2089		-	information specified in subsection (c).
2090		-	(f) The Department of Commerce shall publish on its
2091		-	website a list of all approved applications and a list of the
2092		-	economic development organizations that made the approved
2093	2088		1009
2094	2089		1010
2095	2090		1011
2096	2091		1012
2097	2092		1013
2098	2093		1014
2099	2094		1015
2100	2095		1016
2101	2096		1017
2102	2097		1018
2103	2098		1019
2104	2099		1020
2105	2100		1021
2106	2101		1022
2107	2102		1023
2108	2103		1024
2109	2104		1025
2110	2105		1026
2111	2106		1027
2112	2107		1028
2113	2108		1029
2114	2109		1030
2115	2110		1031
2116	2111		1032
2117	2112		1033
2118	2113		1034
2119	2114		1035
2120		-	1036 HB241 ~~EnrolledHB241 Enrolled~~
	2115	+	1036 HB241 INTRODUCEDHB241 INTRODUCED
2121	2116		Page 38
	2117	+	agreement.
	2118	+	(2) Require the economic development organization to
	2119	+	make periodic reports, not more often than annually, to the
	2120	+	Department of Commerce and the commission, as required by the
	2121	+	commission, on the disposition of the funds. As to a project
	2122	+	described in subdivision (a)(1) of Section 40-18-417.2, the
	2123	+	report shall include information on the marketing of the site,
	2124	+	and the ultimate use of the site until such time as it makes a
	2125	+	final report. As to a project related to inland ports or
	2126	+	intermodal facilities as described in paragraph (a)(1) d. of
	2127	+	Section 40-18-417.2 or a project related to a technology
	2128	+	company oran agricultural center as described in subdivision
	2129	+	(a)(2) of Section 40-18-417.2, the report shall include an
	2130	+	economic impact report.
	2131	+	(3) Require the economic development organization to
	2132	+	provide a review of its financial accounts as directed by the
	2133	+	Renewal of Alabama Commission.
	2134	+	(e) For any approved applications, the Department of
	2135	+	Commerce shall notify the Department of Revenue of the
	2136	+	information specified in subsection (c).
	2137	+	(f) The Department of Commerce shall publish on its
	2138	+	website a list of all approved applications and a list of the
	2139	+	economic development organizations that made the approved
2122	2140		applications."
2123	2141		"§40-18-417.4
2124	2142		(a) A taxpayer is allowed a Growing Alabama Credit to
2125	2143		be applied against all of the following:
2126	2144		(1) To offset the income taxes levied in this chapter,
2127		-	or as an estimated tax payment of income taxes.
2128		-	(2) To offset the state portion of the financial
2129		-	institution excise tax levied in Chapter 16.
2130		-	(3) To offset the insurance premium tax levied by
2131		-	subsection (a) of Section 27-4A-3.
2132		-	(4) To offset state license taxes levied by Article 2
2133		-	of Chapter 21.
2134		-	(b) In no event shall the Growing Alabama Credit cause
2135		-	a taxpayer's tax liability to be reduced by more than 50
2136		-	percent. Unused credits may be carried forward for no more
2137		-	than five years.
2138		-	(c) Growing Alabama Credits shall be granted to
2139		-	taxpayers using an online system administered by the
2140		-	Department of Revenue. The online system shall allow taxpayers
2141		-	to agree to make a cash contribution to an economic
2142		-	development organization which was approved by the Renewal of
2143		-	Alabama Commission, as provided in Section 40-18-417.3. The
2144		-	online system shall ensure that credits are not granted for
2145		-	contributions to an economic development organization in
2146		-	excess of the amounts approved by the Renewal of Alabama
2147		-	Commission, as provided in Section 40-18-417.3.
2148		-	(d) The cumulative amount of funding approved pursuant to this
2149		-	section shall not exceed twenty million dollars ($20,000,000)
2150	2145		1037
2151	2146		1038
2152	2147		1039
2153	2148		1040
2154	2149		1041
2155	2150		1042
2156	2151		1043
2157	2152		1044
2158	2153		1045
2159	2154		1046
2160	2155		1047
2161	2156		1048
2162	2157		1049
2163	2158		1050
2164	2159		1051
2165	2160		1052
2166	2161		1053
2167	2162		1054
2168	2163		1055
2169	2164		1056
2170	2165		1057
2171	2166		1058
2172	2167		1059
2173	2168		1060
2174	2169		1061
2175	2170		1062
2176	2171		1063
2177		-	1064 HB241 ~~EnrolledHB241 Enrolled~~
	2172	+	1064 HB241 INTRODUCEDHB241 INTRODUCED
2178	2173		Page 39
2179		-	~~in a calendar year for calendar years ending prior to January~~
2180		-	~~1, 2023, and thirty-five million dollars~~ (~~$35,000,000~~) ~~in a~~
2181		-	~~calendar year for calendar years beginning January 1, 2023~~ . Of
2182		-	~~that amount, no more than four million dollars~~ (~~$4,000,000~~) of
2183		-	~~funding in the aggregate may be approved for accelerator~~
2184		-	~~programs as described in Section 40-18-376.3~~ (c) (2).
2185		-	~~prior to January 1, 2024, which amount would increase to~~
2186		-	~~twenty-three million dollars ($23,000,000)for~~ the ~~calendar~~
2187		-	~~year ending December 31,~~ ~~2024, twenty-six~~ ~~million dollars~~
2188		-	~~($26,000,000)~~ for ~~the calendar year ending December 31, 2025,~~
2189		-	~~twenty-nine million dollars($29,000,000) for the calendar year~~
2190		-	~~ending December 31,~~ ~~2026, thirty-two~~ ~~million dollars~~
2191		-	~~($32,000,000) for~~ the ~~calendar year ending December 31, 2027,~~
2192		-	~~and thirty-five~~ ~~million dollars ($35,000,000) for calendar~~
2193		-	~~year ending January 1,~~ ~~2028.~~
2194		-	~~(e)~~ The Renewal of ~~Alabama Commission shall reserve at~~
2195		-	~~least 25 percent of the amounts specified~~ in ~~subsection (d)~~
2196		-	for ~~projects located in targeted or jumpstart counties as~~
2197		-	~~defined~~ in ~~Section 40-18-376.1. In the event applications are~~
2198		-	~~not received and credits are not allocated for projects in~~
2199		-	~~these areas by the close of the second quarter of the program~~
2200		-	~~year,~~ the ~~funds may revert for allocations~~ of ~~other project~~
2201		-	~~applications.~~
2202		-	(f) ~~To the extent that~~ a ~~Growing Alabama Credit is used~~
2203		-	~~by a taxpayer~~, ~~the taxpayer shall not be allowed any deduction~~
2204		-	~~that would have otherwise been allowed~~ for ~~the taxpayer's~~
2205		-	~~contribution~~. ~~Credits may only be claimed by the donating~~
2206		-	~~taxpayer and~~ may ~~not~~ be ~~assigned or transferred to any other~~
	2174	+	or as an estimated tax payment of income taxes.
	2175	+	(2) To offset the state portion of the financial
	2176	+	institution excise tax levied in Chapter 16.
	2177	+	(3) To offset the insurance premium tax levied by
	2178	+	subsection (a) of Section 27-4A-3.
	2179	+	(4) To offset state license taxes levied by Article 2
	2180	+	of Chapter 21.
	2181	+	(b) In no event shall the Growing Alabama Credit cause
	2182	+	a taxpayer's tax liability to be reduced by more than 50
	2183	+	percent. Unused credits may be carried forward for no more
	2184	+	than five years.
	2185	+	(c) Growing Alabama Credits shall be granted to
	2186	+	taxpayers using an online system administered by the
	2187	+	Department of Revenue. The online system shall allow taxpayers
	2188	+	to agree to make a cash contribution to an economic
	2189	+	development organization which was approved by the Renewal of
	2190	+	Alabama Commission, as provided in Section 40-18-417.3. The
	2191	+	online system shall ensure that credits are not granted for
	2192	+	contributions to an economic development organization in
	2193	+	excess of the amounts approved by the Renewal of Alabama
	2194	+	Commission, as provided in Section 40-18-417.3.
	2195	+	(d) The cumulative amount of funding approved pursuant
	2196	+	to this section shall not exceed twenty million dollars
	2197	+	($20,000,000) in a calendar year for calendar years ending
	2198	+	prior to January 1, 2023, and thirty-five million dollars
	2199	+	($35,000,000) in a calendar year for calendar years beginning
	2200	+	January 1, 2023. Of that amount, no more than four million
	2201	+	dollars ($4,000,000) of funding in the aggregate may be
2207	2202		1065
2208	2203		1066
2209	2204		1067
2210	2205		1068
2211	2206		1069
2212	2207		1070
2213	2208		1071
2214	2209		1072
2215	2210		1073
2216	2211		1074
2217	2212		1075
2218	2213		1076
2219	2214		1077
2220	2215		1078
2221	2216		1079
2222	2217		1080
2223	2218		1081
2224	2219		1082
2225	2220		1083
2226	2221		1084
2227	2222		1085
2228	2223		1086
2229	2224		1087
2230	2225		1088
2231	2226		1089
2232	2227		1090
2233	2228		1091
2234		-	1092 HB241 ~~EnrolledHB241 Enrolled~~
	2229	+	1092 HB241 INTRODUCEDHB241 INTRODUCED
2235	2230		Page 40
	2231	+	approved for accelerator programs as described in Section
	2232	+	40-18-376.3(c)(2).
	2233	+	(e) The Renewal of Alabama Commission shall reserve at
	2234	+	least 25 percent of the amounts specified in subsection (d)
	2235	+	for projects located in targeted or jumpstart counties as
	2236	+	defined in Section 40-18-376.1. In the event applications are
	2237	+	not received and credits are not allocated for projects in
	2238	+	these areas by the close of the second quarter of the program
	2239	+	year, the funds may revert for allocations of other project
	2240	+	applications.
	2241	+	(f) To the extent that a Growing Alabama Credit is used
	2242	+	by a taxpayer, the taxpayer shall not be allowed any deduction
	2243	+	that would have otherwise been allowed for the taxpayer's
	2244	+	contribution. Credits may only be claimed by the donating
	2245	+	taxpayer and may not be assigned or transferred to any other
2236	2246		taxpayer. For purposes of this section, a donating taxpayer
2237	2247		includes a taxpayer who is a shareholder of an Alabama S
2238	2248		corporation or a partner or member of a subchapter K entity
2239	2249		that made a contribution to an economic development
2240	2250		organization which was approved by the Renewal of Alabama
2241	2251		Commission.
2242	2252		(g) The Department of Finance shall adopt rules to
2243	2253		ensure that the Growing Alabama Credit in no case would reduce
2244	2254		the distribution for the Alabama Special Mental Health Trust
2245	2255		Fund by using any unencumbered funds."
2246	2256		"§40-18-417.7
2247	2257		The Growing Alabama Credits provided in this article
2248	2258		shall not be available for qualifying applicants as described
2249		-	in this article, for which applications are not approved on or
2250		-	prior to July 31, 20232028, unless the Legislature enacts
2251		-	legislation to extend the date. This shall only affect the
2252		-	availability of credits for applications not approved on or
2253		-	prior to July 31, 20232028, and shall not cause a reduction or
2254		-	suspension of any credits awarded on or prior to July 31,
2255		-	20232028."
2256		-	"§40-9B-4.1
2257		-	In no event shall any incentive provided in Act
2258		-	2012-210 be available to any company filing an application
2259		-	after July 31, 2028December 31, 2023, unless Act 2012-210 is
2260		-	reauthorized pursuant to legislation in that year and once
2261		-	every five years succeeding the 2024 reauthorization . Any
2262		-	project granted an incentive prior to July 31, 2028December
2263		-	31, 2023, shall be entitled to those incentives the incentive
2264	2259		1093
2265	2260		1094
2266	2261		1095
2267	2262		1096
2268	2263		1097
2269	2264		1098
2270	2265		1099
2271	2266		1100
2272	2267		1101
2273	2268		1102
2274	2269		1103
2275	2270		1104
2276	2271		1105
2277	2272		1106
2278	2273		1107
2279	2274		1108
2280	2275		1109
2281	2276		1110
2282	2277		1111
2283	2278		1112
2284	2279		1113
2285	2280		1114
2286	2281		1115
2287	2282		1116
2288	2283		1117
2289	2284		1118
2290	2285		1119
2291		-	1120 HB241 ~~EnrolledHB241 Enrolled~~
	2286	+	1120 HB241 INTRODUCEDHB241 INTRODUCED
2292	2287		Page 41
	2288	+	in this article, for which applications are not approved on or
	2289	+	prior to July 31, 20232028, unless the Legislature enacts
	2290	+	legislation to extend the date. This shall only affect the
	2291	+	availability of credits for applications not approved on or
	2292	+	prior to July 31, 20232028, and shall not cause a reduction or
	2293	+	suspension of any credits awarded on or prior to July 31,
	2294	+	20232028."
	2295	+	"§40-9B-4.1
	2296	+	In no event shall any incentive provided in Act
	2297	+	2012-210 be available to any company filing an application
	2298	+	after July 31, 2028December 31, 2023, unless Act 2012-210 is
	2299	+	reauthorized pursuant to legislation in that year and once
	2300	+	every five years succeeding the 2024 reauthorization . Any
	2301	+	project granted an incentive prior to July 31, 2028December
	2302	+	31, 2023, shall be entitled to those incentives the incentive
2293	2303		pursuant to the project agreement regardless of whether Act
2294	2304		2012-210 is reauthorized."
2295	2305		Section 3. In no event does this act authorize any
2296	2306		electric provider to provide retail electric service outside
2297	2307		of its electric service territory as determined under the
2298	2308		applicable provisions of Chapter 14 of Title 37, Code of
2299	2309		Alabama 1975. Nothing in this act is intended to amend,
2300	2310		repeal, enlarge, or otherwise affect Chapter 14 of Title 37,
2301	2311		Code of Alabama 1975.
2302		-	Section 4. Section 5 of this act shall be known and may
2303		-	be cited as the Sweet Home Alabama Tourism Investment Act.
2304		-	Section 5. A new Article 23 of Chapter 18 of Title 40,
2305		-	Code of Alabama 1975, is created to read as follows:
2306		-	§40-18-470
2307		-	For purposes of this act, the following words and
2308		-	phrases have the following meanings:
2309		-	(1) APPLICANT. Any corporation, limited liability
2310		-	company, partnership, sole proprietorship, business trust, or
2311		-	other legal entity authorized to do business in the State of
2312		-	Alabama.
2313		-	(2) APPROVED COMPANY. Any company approved for tax
2314		-	rebates for operating a certified tourism destination project.
2315		-	(3) APPROVED COSTS. Costs relating to the following:
2316		-	a. Land acquisition.
2317		-	b. Construction.
2318		-	c. Engineering.
2319		-	d. Design.
2320		-	e. Costs of contract bonds and insurances.
	2312	+	Section 4. This act shall become effective immediately
	2313	+	following its passage and approval by the Governor, or its
	2314	+	otherwise becoming law.
2321	2315		1121
2322	2316		1122
2323	2317		1123
2324	2318		1124
2325	2319		1125
2326	2320		1126
2327	2321		1127
2328	2322		1128
2329	2323		1129
2330	2324		1130
2331	2325		1131
2332	2326		1132
2333	2327		1133
2334	2328		1134
2335	2329		1135
2336	2330		1136
2337	2331		1137
2338	2332		1138
2339	2333		1139
2340	2334		1140
2341	2335		1141
2342	2336		1142
2343	2337		1143
2344	2338		1144
2345	2339		1145
2346	2340		1146
2347	2341		1147
2348		-	1148 HB241 EnrolledHB241 Enrolled
2349		-	Page 42
2350		-	f. Installation of utilities paid by the applicant,
2351		-	including project-specific off-site extensions.
2352		-	(4) BOARD. Alabama Tourism Advisory Board established
2353		-	pursuant to Section 41-7-3.
2354		-	(5) CAPITAL INVESTMENT. All costs and expenses incurred
2355		-	by the incentivized company in connection with the
2356		-	acquisition, construction, installation, and equipping of a
2357		-	qualifying project, if such costs are required to be
2358		-	capitalized for purposes of the federal income tax, determined
2359		-	without regard to any rule that permits expenditures properly
2360		-	chargeable to a capital account to be treated as current
2361		-	expenditures. However, any project involving the extraction of
2362		-	natural resources shall not be included as a capital
2363		-	investment expenditure.
2364		-	(6) CERTIFIED TOURISM DESTINATION PROJECT.
2365		-	a. A certified tourism destination project must conduct
2366		-	an activity specified in subparagraphs 1. through 8.
2367		-	1. A qualifying project that has seventy-five million
2368		-	dollars ($75,000,000) of capital investments may be considered
2369		-	a mega project.
2370		-	2. A qualifying project may be a tourist destination
2371		-	attraction with a minimum private investment of not less than
2372		-	fifty million dollars ($50,000,000).
2373		-	3. A qualifying project may be a tourism attraction
2374		-	with a minimum private investment of thirty-five million
2375		-	dollars ($35,000,000) located within an entertainment
2376		-	district. The attraction must be open to the public at least
2377		-	five days per week, serve food and beverages, and provide live
2378		-	1149
2379		-	1150
2380		-	1151
2381		-	1152
2382		-	1153
2383		-	1154
2384		-	1155
2385		-	1156
2386		-	1157
2387		-	1158
2388		-	1159
2389		-	1160
2390		-	1161
2391		-	1162
2392		-	1163
2393		-	1164
2394		-	1165
2395		-	1166
2396		-	1167
2397		-	1168
2398		-	1169
2399		-	1170
2400		-	1171
2401		-	1172
2402		-	1173
2403		-	1174
2404		-	1175
2405		-	1176 HB241 EnrolledHB241 Enrolled
2406		-	Page 43
2407		-	entertainment at least three nights per week.
2408		-	4. A qualifying project may be a resort development
2409		-	with a minimum investment of thirty-five million dollars
2410		-	($35,000,000) and consists of a hotel with a minimum of 200
2411		-	guest rooms. The development must also include guest amenities
2412		-	such as restaurants, golf courses, spas, entertainment
2413		-	activities, and other amenities.
2414		-	5. A qualifying project may be a tourism destination
2415		-	attraction with a minimum investment of thirty-five million
2416		-	dollars ($35,000,000) located within a historic district where
2417		-	the district is listed in the National Register of Historic
2418		-	Places.
2419		-	6. Retail related to a qualifying project must consist
2420		-	primarily of upscale brands or their equivalent. Retail
2421		-	activities not eligible for a rebate include the following:
2422		-	A. Department stores.
2423		-	B. Convenience stores.
2424		-	C. Grocery stores.
2425		-	D. Liquor and tobacco Stores.
2426		-	E. Discount stores.
2427		-	F. Multiplex theaters.
2428		-	G. Facilities that perform cleaning, repair, or
2429		-	alteration services.
2430		-	H. Facilities that perform personal salon services such
2431		-	as tanning, nail, and beauty.
2432		-	7. A qualifying project may be any combination of
2433		-	qualifying tourist attractions, hotels, marinas, and resorts
2434		-	with a minimum private investment of thirty-five million
2435		-	1177
2436		-	1178
2437		-	1179
2438		-	1180
2439		-	1181
2440		-	1182
2441		-	1183
2442		-	1184
2443		-	1185
2444		-	1186
2445		-	1187
2446		-	1188
2447		-	1189
2448		-	1190
2449		-	1191
2450		-	1192
2451		-	1193
2452		-	1194
2453		-	1195
2454		-	1196
2455		-	1197
2456		-	1198
2457		-	1199
2458		-	1200
2459		-	1201
2460		-	1202
2461		-	1203
2462		-	1204 HB241 EnrolledHB241 Enrolled
2463		-	Page 44
2464		-	dollars ($35,000,000) in land, buildings, architecture,
2465		-	engineering, fixtures, equipment, furnishings, amenities, and
2466		-	other related approved soft costs.
2467		-	b. Projects that cannot be certified as an eligible
2468		-	certified tourism destination project include the following:
2469		-	1. Expansions of any existing projects previously
2470		-	approved that are not equal to the lesser of 75 percent of the
2471		-	original capital investment or thirty-five million dollars
2472		-	($35,000,000).
2473		-	2. Facilities that are primarily developed for retail
2474		-	sales that are not certified as a resort development. Pro
2475		-	shops, souvenir shops, gift shops, concessions, and similar
2476		-	retail activities may not be included within the definition of
2477		-	a tourism destination project.
2478		-	(7) DEPARTMENT. The Alabama Tourism Department.
2479		-	(8) PROJECT. Any land, building, or other improvement,
2480		-	and all real and personal property, whether or not contiguous
2481		-	and whether or not previously in existence, if in Alabama and
2482		-	if deemed necessary or useful in connection with certified
2483		-	destination projects.
2484		-	(9) QUALIFYING PROJECT. Any project to be undertaken by
2485		-	an approved company that is deemed a certified tourism
2486		-	destination project.
2487		-	(10) TOURISM DESTINATION ATTRACTION. Tourist
2488		-	attractions that qualify include the following:
2489		-	a. Theme parks.
2490		-	b. Water parks.
2491		-	c. Entertainment parks or outdoor adventure parks.
2492		-	1205
2493		-	1206
2494		-	1207
2495		-	1208
2496		-	1209
2497		-	1210
2498		-	1211
2499		-	1212
2500		-	1213
2501		-	1214
2502		-	1215
2503		-	1216
2504		-	1217
2505		-	1218
2506		-	1219
2507		-	1220
2508		-	1221
2509		-	1222
2510		-	1223
2511		-	1224
2512		-	1225
2513		-	1226
2514		-	1227
2515		-	1228
2516		-	1229
2517		-	1230
2518		-	1231
2519		-	1232 HB241 EnrolledHB241 Enrolled
2520		-	Page 45
2521		-	d. Cultural or historical interpretive educational
2522		-	centers or museums.
2523		-	e. Motor speedways.
2524		-	f. Indoor or outdoor entertainment centers or
2525		-	complexes.
2526		-	g. Convention centers.
2527		-	h. Professional sports facilities.
2528		-	i. Attractions created around a natural phenomenon or
2529		-	scenic landscape.
2530		-	j. Waterfront marina facilities, including, but not
2531		-	limited to, indoor marine vessel storage, restaurants, and
2532		-	marine sales and service.
2533		-	k. Aquariums.
2534		-	§40-18-471
2535		-	(a) Prior to the allowance of a tax rebate on
2536		-	transactional taxes, an application shall be filed with the
2537		-	department in the manner established by the department.
2538		-	(b) The department shall adopt standards to be used by
2539		-	the Alabama Tourism Advisory Board for the review and approval
2540		-	of certified tourism destination projects for which a tax
2541		-	rebate for transactional taxes is sought pursuant to Section
2542		-	40-18-473.
2543		-	(c) The department shall establish deadlines for
2544		-	applications. Applications shall solicit whatever information
2545		-	the department deems important to its determination of
2546		-	authorizing a tax rebate.
2547		-	§40-18-472
2548		-	(a) In order for an applicant to be an approved
2549		-	1233
2550		-	1234
2551		-	1235
2552		-	1236
2553		-	1237
2554		-	1238
2555		-	1239
2556		-	1240
2557		-	1241
2558		-	1242
2559		-	1243
2560		-	1244
2561		-	1245
2562		-	1246
2563		-	1247
2564		-	1248
2565		-	1249
2566		-	1250
2567		-	1251
2568		-	1252
2569		-	1253
2570		-	1254
2571		-	1255
2572		-	1256
2573		-	1257
2574		-	1258
2575		-	1259
2576		-	1260 HB241 EnrolledHB241 Enrolled
2577		-	Page 46
2578		-	company, all of the following shall occur:
2579		-	(1) For any applicant that proposes a certified tourism
2580		-	destination project, the board shall make all of the following
2581		-	findings:
2582		-	a. That the project is in fact a certified tourism
2583		-	destination project.
2584		-	b. That the amount of tourism rebates sought are
2585		-	exceeded by anticipated revenues for the state, including
2586		-	income, property, business privilege, utility, gross receipts,
2587		-	sales, and use tax revenues that are generated by the economic
2588		-	activity resulting from the project.
2589		-	(b) The Alabama Tourism Advisory Board shall review
2590		-	qualifying projects meeting the criteria established pursuant
2591		-	to Section 40-18-473 and approve eligible projects for tax
2592		-	rebates. Upon a determination that all program requirements
2593		-	are met, the board will issue the Alabama Tourism Advisory
2594		-	Board Act Certificate. Each certificate shall include the
2595		-	amount of the approved project costs, the maximum rebate
2596		-	available, and the rebate term of 10 years with a five-year
2597		-	carry forward from the completion date or the date on or which
2598		-	five million dollars ($5,000,000) of the approved project
2599		-	costs has been rebated to the applicant, whichever threshold
2600		-	is met first.
2601		-	§40-18-473
2602		-	(a) A tax rebate from taxes generated within the
2603		-	tourism destination attraction by the certified tourism
2604		-	destination project over a 10-year period from the
2605		-	commencement of operation in the amount of up to five million
2606		-	1261
2607		-	1262
2608		-	1263
2609		-	1264
2610		-	1265
2611		-	1266
2612		-	1267
2613		-	1268
2614		-	1269
2615		-	1270
2616		-	1271
2617		-	1272
2618		-	1273
2619		-	1274
2620		-	1275
2621		-	1276
2622		-	1277
2623		-	1278
2624		-	1279
2625		-	1280
2626		-	1281
2627		-	1282
2628		-	1283
2629		-	1284
2630		-	1285
2631		-	1286
2632		-	1287
2633		-	1288 HB241 EnrolledHB241 Enrolled
2634		-	Page 47
2635		-	dollars ($5,000,000) may be claimed. No approved company may
2636		-	receive more than one million dollars ($1,000,000) in tourism
2637		-	rebates in a calendar year.
2638		-	(b) Tax rebates may carry forward for five years.
2639		-	(c)(1) The tax rebates authorized by this act are
2640		-	limited to an aggregate amount for all certified tourism
2641		-	destination projects of ten million dollars ($10,000,000)
2642		-	annually with 10 percent set aside annually for certified
2643		-	tourism destination projects located in targeted or Alabama
2644		-	counties.
2645		-	(2) An approved company with a certified tourism
2646		-	destination project may be granted a tax rebate on any
2647		-	combination of the state and local sales and use taxes,
2648		-	lodging taxes, or other transactional taxes generated by or
2649		-	arising within the tourism destination project.
2650		-	(3) An approved company shall have no obligation to
2651		-	refund or otherwise return any amount of taxes authorized for
2652		-	rebate to the persons from whom the taxes were collected.
2653		-	(4) Rebates authorized under this article shall be for
2654		-	up to 10 years, commencing on the date the tourism attraction
2655		-	opens for business and begins to collect taxes generated by,
2656		-	or arising within, the tourism destination project.
2657		-	(5) Tax rebates may be a combination of state and local
2658		-	retail sales tax, state and local lodging taxes, and any other
2659		-	taxes generated by, or arising within, the tourism destination
2660		-	project. The municipality or the taxing district where the
2661		-	tourism destination project will be located must support and
2662		-	approve the facility. The approval must be in the form of a
2663		-	1289
2664		-	1290
2665		-	1291
2666		-	1292
2667		-	1293
2668		-	1294
2669		-	1295
2670		-	1296
2671		-	1297
2672		-	1298
2673		-	1299
2674		-	1300
2675		-	1301
2676		-	1302
2677		-	1303
2678		-	1304
2679		-	1305
2680		-	1306
2681		-	1307
2682		-	1308
2683		-	1309
2684		-	1310
2685		-	1311
2686		-	1312
2687		-	1313
2688		-	1314
2689		-	1315
2690		-	1316 HB241 EnrolledHB241 Enrolled
2691		-	Page 48
2692		-	resolution of the governing authority acknowledging support of
2693		-	the project and acknowledging that a portion no less than 20
2694		-	percent of the tax rebates will be comprised of municipal
2695		-	taxes.
2696		-	(6) The Alabama Department of Revenue, in consultation
2697		-	with the Alabama Tourism Department, shall adopt rules and
2698		-	require the filing of a rebate form designed by the Department
2699		-	of Revenue to reflect the intent of this article. To begin the
2700		-	rebate process, once project phases open for business, the
2701		-	approved company must provide a listing of all sales tax
2702		-	accounts and account numbers related to the project. The
2703		-	Alabama Department of Revenue will provide these accounts and
2704		-	will begin making the required diversions into the Tourism
2705		-	Project Sales Tax Incentive Fund the month following
2706		-	notification. Rebate payments from the fund will be made each
2707		-	January and July to the approved company.
2708		-	(7) No tax rebate shall be granted to an approved
2709		-	company during a tax year that the approved company is
2710		-	simultaneously receiving any other state tax incentive
2711		-	associated with any individual tourism attraction project.
2712		-	(8) Any tax rebate shall be first applied to any
2713		-	outstanding tax obligation of the approved company that is due
2714		-	and payable to the state.
2715		-	(9) Rebates under this article shall be made without
2716		-	interest.
2717		-	(10) Tax rebates authorized under this article are
2718		-	transferrable to future owners of the qualifying tourism
2719		-	destination project.
2720		-	1317
2721		-	1318
2722		-	1319
2723		-	1320
2724		-	1321
2725		-	1322
2726		-	1323
2727		-	1324
2728		-	1325
2729		-	1326
2730		-	1327
2731		-	1328
2732		-	1329
2733		-	1330
2734		-	1331
2735		-	1332
2736		-	1333
2737		-	1334
2738		-	1335
2739		-	1336
2740		-	1337
2741		-	1338
2742		-	1339
2743		-	1340
2744		-	1341
2745		-	1342
2746		-	1343
2747		-	1344 HB241 EnrolledHB241 Enrolled
2748		-	Page 49
2749		-	(11) The tax rebate allowed under this article shall be
2750		-	effective beginning August 1, 2023, and shall continue through
2751		-	July 31, 2028, unless continued by an act of the Legislature.
2752		-	(12) Tax rebates for certified tourism destination
2753		-	projects are to be administered by the Alabama Department of
2754		-	Revenue.
2755		-	(d) Notwithstanding the ten million dollar
2756		-	($10,000,000) annual cap on tax rebates allowed, the board may
2757		-	approve an annual onetime designation of an additional two
2758		-	million five hundred thousand dollars ($2,500,000) in tax
2759		-	rebates for one project per calendar year with a minimum
2760		-	capital investment amount of seventy-five million dollars
2761		-	($75,000,000).
2762		-	§40-18-474
2763		-	There is created the Tourism Project Sales Tax
2764		-	Incentive Fund, which may consist of monies appropriated or
2765		-	otherwise made available by the Legislature in any manner, and
2766		-	monies from any other source designated for deposit into such
2767		-	fund, but not include monies subject to a constitutional
2768		-	designation for some other purpose. Unexpended amounts
2769		-	remaining in the fund at the end of each fiscal year of the
2770		-	state revert. Any investment earnings or interest earned on
2771		-	amounts in the fund shall be credited to the fund.
2772		-	§40-18-475
2773		-	The department shall report to the Legislature by the
2774		-	second legislative day of the regular session of the third
2775		-	year following passage of this act, and annually thereafter,
2776		-	on the overall economic activity, usage, and impact to the
2777		-	1345
2778		-	1346
2779		-	1347
2780		-	1348
2781		-	1349
2782		-	1350
2783		-	1351
2784		-	1352
2785		-	1353
2786		-	1354
2787		-	1355
2788		-	1356
2789		-	1357
2790		-	1358
2791		-	1359
2792		-	1360
2793		-	1361
2794		-	1362
2795		-	1363
2796		-	1364
2797		-	1365
2798		-	1366
2799		-	1367
2800		-	1368
2801		-	1369
2802		-	1370
2803		-	1371
2804		-	1372 HB241 EnrolledHB241 Enrolled
2805		-	Page 50
2806		-	state of the tax rebates allowed for tourism destination
2807		-	projects. The information in the reports shall be consistent
2808		-	with the information required by the Legislature in accordance
2809		-	with Section 40—1-50. Information provided pursuant to this
2810		-	section is exempt from the confidentiality provisions of
2811		-	Section 40—2A—10.
2812		-	Section 6. This act shall become effective immediately
2813		-	following its passage and approval by the Governor, or its
2814		-	otherwise becoming law.
2815		-	1373
2816		-	1374
2817		-	1375
2818		-	1376
2819		-	1377
2820		-	1378
2821		-	1379
2822		-	1380
2823		-	1381 HB241 EnrolledHB241 Enrolled
2824		-	Page 51
2825		-	________________________________________________
2826		-	Speaker of the House of Representatives
2827		-	________________________________________________
2828		-	President and Presiding Officer of the Senate
2829		-	House of Representatives
2830		-	I hereby certify that the within Act originated in and
2831		-	was passed by the House 13-Apr-23, as amended.
2832		-	John Treadwell
2833		-	Clerk
2834		-	Senate 20-Apr-23 __ Passed
2835		-	1382
2836		-	1383
2837		-	1384
2838		-	1385
2839		-	1386
2840		-	1387
2841		-	1388
2842		-	1389
2843		-	1390
2844		-	1391
2845		-	1392
2846		-	1393
2847		-	1394
2848		-	1395
2849		-	1396
2850		-	1397
2851		-	1398
2852		-	1399
2853		-	1400
2854		-	1401
2855		-	1402
2856		-	1403
2857		-	1404
2858		-	1405
2859		-	1406
2860		-	1407