Section 40-18-382 – Continuation or Reinstatement of Incentives.
Section 40-18-382 Continuation or reinstatement of incentives. The incentives authorized by this article shall not be available for qualifying projects for which project agreements have not been executed on or prior to July 31, 2023, unless the Legislature enacts legislation to continue or reinstate the incentives for new projects after that date. No action or […]
Section 40-18-383 – Maximum Balance of Outstanding Incentives; Availability of Incentives to Existing Projects.
Section 40-18-383 Maximum balance of outstanding incentives; availability of incentives to existing projects. (a) At no time prior to the calendar year ending December 31, 2020, shall the annualized balance of outstanding jobs act incentives exceed $300 million, which amount would increase to three hundred twenty-five million dollars ($325,000,000) for the calendar year ending December […]
Section 40-18-384 – Special Industrial or Research Enterprises; Amounts and Durations of Incentives; Fees for Amendments to Project Agreements.
Section 40-18-384 Special industrial or research enterprises; amounts and durations of incentives; fees for amendments to project agreements. (a) Both of the following shall be considered industrial or research enterprises for purposes of Chapter 9B of this Title 40, approved activities for purposes of Chapter 9G of this Title 40, and qualifying projects for purposes […]
Section 40-18-385 – Implementation and Administration of the Alabama Incentives Modernization Act.
Section 40-18-385 Implementation and administration of the Alabama Incentives Modernization Act. The departments of Economic and Community Affairs, Revenue, Commerce, and Finance shall implement Act 2019-392, exercise all powers as authorized in Act 2019-392, and adopt rules to implement and administer Act 2019-392. (Act 2019-392, §8.)
Section 40-18-386 – Reductions of Distribution for Education Trust Fund and General Fund.
Section 40-18-386 Reductions of distribution for Education Trust Fund and General Fund. Notwithstanding the provisions of Section 40-18-376(d)(2), to the extent the investment credit is used to offset an insurance premium tax liability and a portion of the insurance premium taxes are deposited into the Education Trust Fund, the Department of Finance shall adopt rules […]
Section 40-18-376.1 – Projects in Targeted or Jumpstart Counties.
Section 40-18-376.1 Projects in targeted or jumpstart counties. (a) As used in this section, the following terms shall have the following meaning: (1) JUMP START COUNTY. Any Alabama county which meets all the following: a. That does not qualify as a targeted county. b. That has experienced negative population growth over the last five years […]
Section 40-18-376.2 – Additional Jobs Credit for Employment of Veterans.
Section 40-18-376.2 Additional jobs credit for employment of veterans. (a) The provisions in this section shall apply to the following: (1) Any incentivized company that employed, in the prior year, at least 12 percent of its eligible employees as veterans who received an honorable or general discharge. The calculation of the percentage of eligible employees […]
Section 40-18-376.3 – Qualifying Projects by Technology Companies.
Section 40-18-376.3 Qualifying projects by technology companies. (a)(1) This section shall be applicable to a technology company so long as there is a project agreement which provides that Alabama is or will become the company’s headquarters, the place of residence of its top three executives, and the place of residence of at least 75 percent […]
Section 40-18-376.4 – Qualifying Projects by Underrepresented Companies.
Section 40-18-376.4 Qualifying projects by underrepresented companies. (a) This section shall be applicable to an underrepresented company, as defined in this section. In making the findings required by Section 40-18-373(1), an underrepresented company that proposes a qualifying project shall be an approved company for purposes of this section only if the Secretary of Commerce makes […]
Section 40-18-377 – Project Agreements Forwarded to Department of Revenue; Incentives Not Deemed Securities.
Section 40-18-377 Project agreements forwarded to Department of Revenue; incentives not deemed securities. (a) After its execution, the Department of Commerce shall forward to the Department of Revenue a copy of any project agreement that allows an incentivized company to claim a jobs act incentive. (b) Jobs act incentives shall not be considered securities under […]