Section 40-18-370.1 – Legislative Findings as to Enhancement of Alabama Jobs Act.
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.
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.
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.
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 […]
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 […]