Code of Alabama

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Modified:2019-01-10 11:34:26
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Body:Section 41-29-501


(a) For the purposes of this article, the following words and phrases shall have the following meanings:

(1) AUTHORITY. The public corporation organized pursuant to the provisions of Sections 41-10-20 through 41-10-32.

(2) AUTHORIZED PURPOSE. Any one or more of the purposes for which grants are herein authorized to be made as specified in Section 41-29-503(a).

(3) BOARD OF DIRECTORS. The board of directors of the authority.

(4) BOND. The bonds issued under the provisions of this article.

(5) CAPITAL COSTS. All costs and expenses incurred by one or more investing companies in connection with the acquisition, construction, installation, and equipping of a qualifying project during the period commencing with the date on which such acquisition, construction, installation, and equipping commences and ending on the date on which the qualifying project is placed in service, including, without limitation of all of the following:

a. The costs of acquiring, constructing, installing, equipping, and financing a qualifying project, including all obligations incurred for labor and to contractors, subcontractors, builders, and materialmen.

b. The costs of acquiring land or rights in land and any cost incidental thereto, including recording fees.

c. The costs of contract bonds and of insurance of all kinds that may be required or necessary during the acquisition, construction, or installation of a qualifying project.

d. The costs of architectural and engineering services, including test borings, surveys, estimates, plans and specifications, preliminary investigations, environmental mitigation and supervision of construction, as well as for the performance of all the duties required by or consequent upon the acquisition, construction, and installation of a qualifying project.

e. The costs associated with installation of fixtures and equipment; surveys, including archaeological and environmental surveys; site tests and inspections; subsurface site work; excavation; removal of structures, roadways, cemeteries, and other surface obstructions; filling, grading, paving and provisions for drainage, storm water retention, installation of utilities, including water, sewer, sewage treatment, gas, electricity, communications, and similar facilities; and off-site construction of utility extensions to the boundaries of the property.

f. All other costs of a nature comparable to those described, including, without limitation, all project costs which are required to be capitalized for federal income tax purposes pursuant to 26 U.S.C. § 263A.

g. Costs otherwise defined as capital costs that are incurred by the investing company where the investing company is the lessee under a lease that: (i) has a term of not less than five years, and (ii) is characterized as a capital lease for federal income tax purposes. Capital costs shall not include property owned or leased by the investing company or a related party before the commencement of the acquisition, construction, installation or equipping of the qualifying project unless such property was physically located outside the state for a period of at least one year prior to the date on which the qualifying project was placed in service.

h. Costs either paid or incurred by: (i) a public industrial development board or authority (including, without limitation, the State Industrial Development Authority), city, county, or other public corporation or political subdivision (a "public entity") for the benefit of a qualifying project where such costs are treated as costs paid by an investing company with respect to the qualifying project for federal income tax purposes (such costs shall not include amounts contributed by a public entity to a qualifying project as a capital contribution, grant, or gift except to the extent that an investing company has cost basis in the contribution, grant, or gift for federal income tax purposes); or (ii) a related party to an investing company to the extent such costs are included in or taken into account in determining the investing company's federal income tax basis in the qualifying project, whether or not incurred by an investing company.

(6) GRANTEE. A county, municipality, local industrial development board or authority or economic development council or authority, airport authority, port authority or public corporation or political subdivision, department, or agency of this state authorized to own or possess by lease a project site, to which a grant of money is made as provided in Section 41-29-503.

(7) HEADQUARTERS FACILITY. A facility described by Section 40-18-372(1)d. or f.

(8) INDUSTRIAL, WAREHOUSING, OR RESEARCH ACTIVITY. Any trade or business predominantly conducting an activity described in Section 40-18-372(1).

(9) INVESTING COMPANY. Any corporation, partnership, limited liability company, proprietorship, trust or other business' entity, regardless of form, making a qualified investment.

(10) PERSON. Unless limited to a natural person by the context in which it is used, includes a private firm, a private association, a public or private corporation or partnership (whether limited liability company, limited liability partnership or other form of business organization), a municipality, a county, or an agency, department or instrumentality of the state or of a county or municipality.

(11) PREPARATION OF PROJECT SITES. The preparation of project sites including, without limitation: (i) preparation of a means of access to the site; (ii) provision for adequate drainage of the site to prevent the accumulation of excess natural waters thereon; (iii) boundary and topographical surveying, clearing and grubbing, and excavating; (iv) the reasonable rehabilitation of buildings and other structures; and (v) other work relative to site preparation deemed necessary or appropriate.

(12) PROJECT. Any land, building or other improvement, whether or not previously in existence, located or to be located in the state.

(13) PROJECT SITES. Land and structures located thereon owned by a grantee or potential grantee on which a qualifying project has been or will be located and which is held for sale or lease to a person for use as a qualifying project.

(14) QUALIFYING INVESTMENTS. The undertaking by one or more investing companies of a qualifying project.

(15) QUALIFYING PROJECT. A project to be sponsored or undertaken by one or more investing companies: (i) at which the predominant trade or business activity conducted will constitute industrial, warehousing, or research activity, or (ii) which qualifies as a headquarters facility.

(16) STATE. The State of Alabama.

(b) The definitions set forth above shall be deemed applicable whether the words defined are used in the singular or plural. Whenever used herein, any pronoun or pronouns shall be deemed to include both singular and plural and to cover all genders.

(Act 2018-541, §4.)