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 40-18-377 – 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 […]
Section 40-18-378 – Verification of Employment Numbers; Audits; Return of Unearned Credit Amounts; Liability of Incentivized Companies.
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.
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.
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 40-18-370 – Short Title; Legislative Findings; Definitions.
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 […]