Relating to the Alabama Jobs Act and the Growing Alabama Act; to amend Sections 40-18-370, 40-18-372, 40-18-374, 40-18-375, 40-18-376, 40-18-376.1, 40-18-376.2, 40-18-376.3, 40-18-376.4, 40-18-377, 40-18-378, 40-18-382, 40-18-383, 40-18-417.1, 40-18-417.2, 40-18-417.3, 40-18-417.4, 40-18-417.7, and 40-9B-4.1, Code of Alabama 1975, to extend the Alabama Jobs Act sunset date to July 31, 2028; to increase the annualized cap on outstanding Alabama Jobs Act incentives by twenty-five million dollars each year for five years up to four hundred seventy-five million dollars; to increase the investment tax credit transfer time to provide that the first five years of the investment credit may be transferred by the incentivized company and applied by another person or company under the Alabama Jobs Act; to extend the Growing Alabama Act sunset date to July 31, 2028, to increase the annual cap on funding approved pursuant to the Growing Alabama Act to thirty-five million dollars; to remove certain programs from the Growing Alabama Act for the transfer to Innovate Alabama.
Summary
Taxation and revenue, Enhancing Economic Progress Act enacted, Jobs Act and Growing Alabama Act incentives renewed and annual cap increased
Bill status
introduced
1 of 4 stages cleared
Introduction
Apr 2023
Committee Review
Floor Vote
Governor
Introduced Apr 4, 2023
Last action Apr 4, 2023
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
0
Apr 4, 2023
Introduced
Introduced and Referred (Finance and Taxation Education)
upper
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Greg Reed
RRepublican
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