SB163 By Senator Holley RFD Finance and Taxation Education Rd 1 05-MAR-15

SYNOPSIS: This bill would change the Alabama New Markets Development Act to allow the Governor to provide via executive order for an additional $5 Million to the existing cap of $20 Million.

A BILL TO BE ENTITLED AN ACT

Amending the annual state cap limits to allow the Governor to provide an additional credits relating to the Alabama New Markets Development Act.

BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:

Section 1. Section 41-9-219.2, Code of Alabama 1975, is amended to read as follows:

Ҥ41-9-219.2

Once the department has certified a cumulative amount of qualified equity investments that can result in the utilization of twenty million dollars ($20,000,000) of tax credits in any tax year, the department may not certify any more qualified equity investments under Section 41-9-219.3 except as provided below. This limitation shall be based on the scheduled utilization of tax credits without regard to the potential for taxpayers to carry forward tax credits to later tax years. The Governor by executive order may provide for an additional amount of qualified investments that can result in an additional utilization of five million dollars ($5,000,000) of tax credits in any year."

Section 2. All laws or parts of laws that conflict with this act are hereby repealed.

Section 3. The provisions of this act are severable. If any part of this act is declared invalid or unconstitutional, that declaration shall not affect the part which remains.