Section 40-9H-1 – Short Title.

Section 40-9H-1 Short title. This chapter shall be known and may be cited as the Alabama Rural, Agribusiness, and Opportunity Zone Jobs Act. (Act 2021-492, §1.)

Section 40-9H-2 – Definitions.

Section 40-9H-2 Definitions. As used in this chapter, the following words shall have the following meanings: (1) AFFILIATE. An entity that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with another entity. For the purposes of this subdivision, an entity is controlled by another entity if […]

Section 40-9H-3 – Deposit of Ssbci Funding; Applications for Certification.

Section 40-9H-3 Deposit of SSBCI funding; applications for certification. (a) Upon receipt of an allocation of funds pursuant to Subtitle C of Title III of the American Rescue Plan Act of 2021, the department shall cause the SSBCI funding to be deposited in the SSBCI fund. (b) Within 30 days of the approval of the […]

Section 40-9H-4 – Ssbci Loan Agreement; Growth Investments.

Section 40-9H-4 SSBCI loan agreement; growth investments. (a) Within 30 days of certification of a growth fund, the department shall enter into the SSBCI loan agreement with the growth fund and segregate for draws by the growth fund in the SSBCI fund an amount of SSBCI funding equal to the SSBCI loan awarded to such […]

Section 40-9H-5 – Growth Fund Forfeitures; Notice; Application to Exit Program.

Section 40-9H-5 Growth fund forfeitures; notice; application to exit program. (a) A growth fund shall forfeit its management fee, the SSBCI loan shall be immediately due and its subordination immediately revoked, and remaining draws on the SSBCI loan shall be forfeited if: (1) Within 12 months of the closing date: a. The growth fund does […]

Section 40-9H-6 – Growth Fund Reporting Requirements.

Section 40-9H-6 Growth fund reporting requirements. (a) Each growth fund shall submit a report to the department on or before the fifth business day after the first anniversary of the closing date prior to program exit and include all of the following: (1) A bank statement evidencing each growth investment. (2) The name, location, and […]

Section 40-9H-7 – Department Reporting Requirements.

Section 40-9H-7 Department reporting requirements. The department shall report to the Legislature beginning in 2023, pursuant to Section 40-1-50 and rules adopted by the Department of Revenue, providing an assessment of the incentives allowed in this chapter. (Act 2021-492, §7.)

Section 40-9H-8 – Rulemaking Authority; Issuance of Forms and Notices.

Section 40-9H-8 Rulemaking authority; issuance of forms and notices. (a) The department may adopt rules to implement and administer this chapter. (b) The department shall issue all forms and notices required by this chapter in accordance with the requirements of this chapter. (Act 2021-492, §8.)

Section 40-9H-9 – This Section Was Assigned by the Code Commissioner in the 2021 Regular Session, Effective August 1, 2021. This Is Not in the Current Code Supplement.

Section 40-9H-9 Legislative intent; operation of chapter. Under Subtitle C of Title III of the American Rescue Plan Act of 2021, the United States Treasury has been appropriated certain funds to use for the support of private businesses in each of the states. Each state is given the opportunity to apply for a certain amount […]