SB 164 Alabama Senate · 2023 Regular Session

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
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Full legislative history

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Total actions
2
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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
Photo of Greg Reed
Greg Reed
RRepublican
AL
5