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 40-18-382 – 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 40-18-373 – Approved Companies.
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.
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.
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.
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.
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 […]