Section 40-18-417 – Short Title.

Section 40-18-417 Short title. This article shall be known and may be cited as the Growing Alabama Act. (Act 2021-2, §2.)

Section 40-18-417.1 – Definitions.

Section 40-18-417.1 DEFINITIONS. For the purposes of this article, the following words and phrases shall have the following meanings: (1) ACCELERATOR. A company that, for a fixed term, educates and mentors early-stage technology companies recruited to a location in Alabama, with the goal of accelerating the companies’ development and growth. (2) CAPITAL IMPROVEMENTS. Construction and […]

Section 40-18-417.2 – Applications.

Section 40-18-417.2 APPLICATIONS. (a)(1) A local economic development organization which owns a site may apply to the Department of Commerce for funding to solve an inadequacy involving the site. The application by the local economic development organization shall include at least one of the following: a. If there is a pending expression of interest about […]

Section 40-18-417.3 – Approval of Applications; Agreements.

Section 40-18-417.3 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2021 REGULAR SESSION, EFFECTIVE FEBRUARY 12, 2021. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) Following a review, if the Department of Commerce should approve the application provided in subsection (a) of Section 40-18-417.2, it shall forward the application to the Renewal […]

Section 40-18-417.4 – Scope and Use of Growing Alabama Credits.

Section 40-18-417.4 Scope and use of Growing Alabama Credits. (a) A taxpayer is allowed a Growing Alabama Credit to be applied against all of the following: (1) To offset the income taxes levied in this chapter, or as an estimated tax payment of income taxes. (2) To offset the state portion of the financial institution […]

Section 40-18-417.5 – Site Preparation or Public Infrastructure Work; Reports.

Section 40-18-417.5 Site preparation or public infrastructure work; reports. (a) Upon receipt of funding provided by the tax credit process in Section 40-18-417.4, the economic development organization shall proceed with the work that was specified in the application required by Section 40-18-417.2. (b)(1) As to a project described in subdivision (a)(1) of Section 40-18-417.2, the […]

Section 40-18-417.6 – Forms; Construction of Article; Rulemaking Authority.

Section 40-18-417.6 Forms; construction of article; rulemaking authority. (a) All filings and applications made with any department of the state government shall be made using forms adopted by the department. The filing shall be treated as a tax return, subject to penalties imposed by the Department of Revenue. (b) Nothing in this article shall be […]

Section 40-18-417.7 – Availability of Credits.

Section 40-18-417.7 Availability of credits. The Growing Alabama Credits provided in this article shall not be available for qualifying applicants as described in this article, for which applications are not approved on or prior to July 31, 2023, unless the Legislature enacts legislation to extend the date. This shall only affect the availability of credits […]