SB 304 Alabama Senate · 2025 Regular Session

Powering Growth Act established, Alabama Energy Infrastructure Bank and the Strategic Energy Procurement Fund established under the State Industrial Development Authority to assist in obtaining equipment and providing financing for qualified energy infrastructure projects

SB 304, known as the Powering Growth Act, establishes the Alabama Energy Infrastructure Bank and the Strategic Energy Procurement Fund under the State Industrial Development Authority. These entities are designed to provide financing and assistance for qualified energy infrastructure projects, supporting economic development. The Energy Infrastructure Bank will offer loans and financial aid, with at least 40 percent of its funds reserved for projects in rural areas, defined as counties with populations under 135,000. The Strategic Development Fund will also prioritize energy infrastructure improvements in rural areas until September 30, 2030, after which funds can be used statewide.

Issues: ✓ Energy

Bill status signed all 5 stages cleared

Introduction

Apr 2025

Committee Review

Apr 2025

Senate Passage

May 2025

House Passage

May 2025

Signed into Law

May 2025

Introduced Apr 8, 2025 Signed May 14, 2025

Maddy AI version diff · 2 comparisons

What changed between versions

Engrossed → Enrolled · 3 edits · May 14, 2025

MINOR

The bill was finalized for signing (Enrolled) with minor formatting updates and a significant expansion of the definition of 'Financial Assistance.' The most important policy change is that the Energy Bank is now authorized to use a wider variety of financial tools, including letters of credit and specific debt securities, to support energy projects.

Scope change

The bill's scope remains focused on creating an energy infrastructure bank, but its applicability broadens by allowing the bank to utilize more diverse financial instruments to help electric providers.

DEFINITION

The definition of 'Financial Assistance' was expanded to explicitly include letters of credit, credit instruments, bond security, and other contractual arrangements, giving the bank more flexibility in how it supports projects.

TECHNICAL

The bill number was updated from CX6ZNQJ-2 to CX6ZNQJ-3, and the document title was changed from 'Engrossed' to 'Enrolled,' indicating the final version ready for the Governor's signature.

REQUIREMENT

The summary of the act was updated to clarify that the fund can now sell and distribute equipment and requires an annual report to the Governor and Legislature.

Floor votes

How they voted

This bill passed the Senate by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

May 6, 2025

Upper · Passed

Orr Concur In and Adopt - Adopted Roll Call 926

upper

May 1, 2025

Lower · Passed

Motion to Read a Third Time and Pass as Amended - Adopted Roll Call 1155

lower

May 1, 2025

Lower · Passed

Motion to Adopt - Adopted Roll Call 1154

lower

May 1, 2025

Introduced

Moore (P) 1st Amendment Offered

lower

Apr 29, 2025

Lower · Passed

Reported Out of Committee Second House

lower

Apr 24, 2025

Lower · Passed

Pending Committee Action in Second House (Economic Development and Tourism)

lower

Apr 24, 2025

Upper · Passed

Motion to Read a Third Time and Pass as Amended - Adopted Roll Call 804

upper

Apr 24, 2025

Upper · Passed

Orr motion to Adopt - Adopted Roll Call 803

upper

Apr 24, 2025

Introduced

Fiscal Responsibility and Economic Development 1st Amendment Offered (Fiscal Responsibility and Economic Development)

upper

Apr 16, 2025

Upper · Passed

Reported Out of Committee House of Origin

upper

Apr 16, 2025

Introduced

Fiscal Responsibility and Economic Development 1st Amendment (Fiscal Responsibility and Economic Development)

upper

Apr 8, 2025

Upper · Passed

Pending Committee Action in House of Origin (Fiscal Responsibility and Economic Development)

upper

1 primary · 0 co-sponsors