Section 40-18-370 Short title; legislative findings; definitions. (a) This article shall be known and may be cited as the Alabama Jobs Act. (b) The Legislature makes the following findings: (1) The economic well-being of the citizens of the state will be enhanced by the increased development and growth of employment within Alabama. (2) It is […]
Section 40-18-370.1 Legislative findings as to enhancement of Alabama Jobs Act. The Legislature finds as follows: (a) While Alabama’s incentive programs have succeeded in growing industry in the more populated parts of the state, Alabama’s rural and low growth communities have not enjoyed the same rates of success. (b) Alabama’s incentives grew out of a […]
Section 40-18-371 Requirements for receipt of incentives. For a company to receive one or both of the jobs act incentives provided in this article, all of the following shall occur: (1) There must be a qualifying project predominantly conducting an activity specified in Section 40-18-372(1); (2) The qualifying project shall create at least the number […]
Section 40-18-372 Qualifying projects – Activities and standards. A qualifying project must be found by the Secretary of Commerce to conduct an activity specified in subdivision (1) and to meet the minimum standard set forth in subdivision (2). (1) A qualifying project must predominantly conduct an activity that is any one or more of the […]
Section 40-18-373 Approved companies. In order for a company to be an approved company, all of the following shall occur: (1) For any company that proposes a qualifying project, the Secretary of Commerce shall make all of the following findings: a. That the project is in fact a qualifying project; b. That the qualifying project […]
Section 40-18-374 Claiming of incentives; project agreement; amounts and durations of incentives. (a) An incentivized company may claim either or both of the jobs act incentives, to the extent provided in the project agreement. (b) In order for an incentivized company to claim the jobs act incentives, the Governor and the incentivized company shall execute […]
Section 40-18-375 Jobs credit against utility taxes; realization of benefits; regulations. (a)(1) If provided for in the project agreement and in accordance with the terms therein, the incentivized company is allowed a jobs credit against utility taxes, in an annual amount equal to 3 percent of the wages paid to eligible employees during the prior […]
Section 40-18-376 Investment credit; realization methods; rulemaking authority. (a) If provided for in the project agreement, the incentivized company is allowed an investment credit in an annual amount equal to 1.5 percent of the capital investment incurred as of the beginning of the incentive period, to be used as follows: (1) To offset the income […]
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. (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. (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. (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. (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 […]
Section 40-18-378 Verification of employment numbers; audits; return of unearned credit amounts; liability of incentivized companies. (a) The Department of Labor shall periodically verify the actual number of eligible employees employed at the qualifying project and the wages of the eligible employees during the relevant year. If the Department of Labor is not able to […]
Section 40-18-379 Joint Legislative Advisory Committee on Economic Incentives. (a) There is hereby created a permanent Joint Legislative Advisory Committee on Economic Incentives, hereinafter referred to as the committee. (b) The committee shall be comprised of all of the following persons: (1) The chairs of the House Ways and Means General Fund and Education Fund […]
Section 40-18-380 Implementation of article. (a) The Departments of Commerce, Labor, Insurance, Revenue, and Finance shall implement this article, exercise all powers as authorized in this article, and promulgate regulations to implement and administer the provisions of this article. b) All filings made by a private party with any department of the state government shall […]
Section 40-18-381 Construction of article. (a) Nothing in this article shall be construed to constitute a guarantee or assumption by the state of any debt of any company nor to authorize the credit of the state to be given, pledged, or loaned to any company. (b) The provisions of this article shall not be construed […]
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. (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. (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 […]
