|Committee: Finance and Taxation General Fund||Sponsor: Pittman|
|Analyst: John Friedenreich||Date: 04/26/2017|
Senate Bill 373 as introduced amends the Alabama Jobs Act to exclude incentives provided to "megaprojects", defined by this bill as qualifying projects creating at least 500 employee positions or making capital investments of at least $100 million from being included within the $850 million available under the Jobs Act. Excluding megaprojects from the $850 million cap could result in additional projects qualifying for the Jobs Act incentives, which could further reduce utility tax receipts, income tax receipts, and/or insurance premium tax receipts to the Education Trust Fund and/or financial institutions excise tax receipts to the State General Fund, by undetermined amounts depending on the number of projects that meet the megaproject definition. Additionally, this bill extends the sunset date for qualifying projects eligible to receive incentives under the Jobs Act until December 31, 2023.
As amended and reported by the Committee on Finance and Taxation General Fund, specifies that at least 80% of a megaprojects employee positions be full time.
|Lee Trip Pittman, Chairperson|
Finance and Taxation General Fund