40-14B-8
Section 40-14B-8 Report upon receipt of certified capital; annual report; financial statement.
(a) Each certified capital company shall report to the Alabama Development Office as soon
as practicable after the receipt of certified capital the following: (1) The name of each
certified investor from whom the certified capital was received, including the certified investor's
insurance premium tax identification number. (2) The amount of each certified investor's investment
of certified capital and premium tax credits. (3) The date on which the certified capital
was received. (b) Not later than January 31 of each year, each certified capital company shall
report to the Alabama Development Office all of the following: (1) The amount of the company's
certified capital at the end of the preceding year. (2) Whether or not the company has invested
more than 15 percent of its total certified capital in any one business. (3) Each qualified
investment that the company made during the preceding...
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40-14B-21
Section 40-14B-21 Biennial report. (a) The Alabama Development Office shall prepare a biennial
report with respect to results of the implementation of this chapter. The report must include
all of the following: (1) The number of certified capital companies holding certified capital.
(2) The amount of certified capital invested in each certified capital company. (3) The amount
of certified capital the certified capital company has invested in qualified technology businesses
as of January 1, 2004, and the cumulative total for each subsequent year. (4) The total amount
of tax credits granted under this chapter for each year that credits have been granted. (5)
The performance of each certified capital company with respect to renewal and reporting requirements
imposed under this chapter. (6) With respect to the qualified technology businesses in which
capital companies have invested all of the following: a. The classification of the qualified
businesses according to the industrial sector...
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40-14B-1
Section 40-14B-1 Definitions. As used in this chapter, the following terms shall have the following
meanings: (1) AFFILIATE. An affiliate of another person shall include any of the following:
a. A person who directly or indirectly either: 1. Beneficially owns 15 percent or more of
the outstanding voting securities or other voting ownership interests of the other person,
whether through rights, options, convertible interests, or otherwise; or 2. Controls or holds
power to vote 15 percent or more of the outstanding voting securities or other voting ownership
interests of the other person. b. A person owning 15 percent or more of the outstanding voting
securities or other voting ownership interests of which are directly or indirectly either:
1. Beneficially owned by the other person, whether through rights, options, convertible interests,
or otherwise; or 2. Controlled or held with power to vote by the other person. c. A partnership
or limited liability company in which the other person...
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40-14B-3
Section 40-14B-3 Application for certification. (a) The Director of the Alabama Development
Office by rule shall establish the application procedures for certified capital companies.
(b) An applicant must file an application in the form prescribed by the Alabama Development
Office accompanied by a nonrefundable application fee of seven thousand five hundred dollars
($7,500). The application must include an audited balance sheet of the applicant, with an
unqualified opinion from an independent certified public accountant, as of a date not more
than 35 days before the date of the application. (c) To qualify as a certified capital company
all of the following must apply: (1) The applicant must have, at the time of application for
certification, an equity capitalization of at least five hundred thousand dollars ($500,000)
in the form of cash or cash equivalents. The applicant must maintain this equity capitalization
until it receives an allocation of certified capital pursuant to Section...
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40-14B-17
Section 40-14B-17 Vested premium tax credit - Pro rata allocation. (a) If the total premium
tax credits claimed by all certified investors exceeds the total limits on premium tax credits
established by subsection (a) of Section 40-14B-16, the Alabama Development Office shall allocate
the total amount of premium tax credits allowed under this chapter to certified investors
in certified capital companies on a pro rata basis in accordance with this chapter. (b) The
pro rata allocation for each certified investor shall be the product of: (1) A fraction, the
numerator of which is the amount of the premium tax credit allocation claim filed on behalf
of the investor and the denominator of which is the total amount of all premium tax credit
allocation claims filed on behalf of all certified investors. (2) The total amount of certified
capital for which premium tax credits may be allowed under this chapter. (c) On October 15,
2002, the Alabama Development Office shall notify each certified...
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34-27-31
Section 34-27-31 Recovery Fund created; fees paid to fund; injured party's recovery from fund;
procedures, appeals, etc.; licensee to report any legal action taken against him or her. (a)
The commission shall establish and maintain a Recovery Fund from which an aggrieved party
may recover actual or compensatory damages, not including interest and court costs, sustained
only within the State of Alabama as a result of conduct of a broker or salesperson in violation
of Article 1 or 2 of this chapter or the rules and regulations of the commission. (b) Notwithstanding
any other provision to the contrary, payments from the Recovery Fund are subject to the following
conditions and limitations: (1) The fund shall not be obligated for the acts or omissions
of a broker or salesperson while acting on his or her own behalf or on behalf of his or her
child, spouse, or parent regarding property in which he or she or his or her spouse, child,
or parent has, or is attempting to acquire, an interest;...
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40-27-1
Section 40-27-1 Compact adopted; terms. The following Multistate Tax Compact is hereby approved,
adopted and enacted into law by the State of Alabama: Multistate Tax Compact Article I. Purposes.
The purposes of this compact are to: 1. Facilitate proper determination of state and local
tax liability of multistate taxpayers, including the equitable apportionment of tax bases
and settlement of apportionment disputes. 2. Promote uniformity or compatibility in significant
components of tax systems. 3. Facilitate taxpayer convenience and compliance in the filing
of tax returns and in other phases of tax administration. 4. Avoid duplicative taxation. Article
II. Definitions. As used in this compact: 1. "State" means a state of the United
States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession
of the United States. 2. "Subdivision" means any governmental unit or special district
of a state. 3. "Taxpayer" means any corporation, partnership, firm,...
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40-14B-7
Section 40-14B-7 Development Office opinion as to proposed investments. (a) A certified capital
company may, before making an investment in a business, request from the Alabama Development
Office a written opinion as to whether the business in which it proposes to invest is a qualified
technology business. (b) The Alabama Development Office shall, not later than the 15th business
day after the date of the receipt of a request under subsection (a), determine whether the
business meets the definition of a qualified technology business, and notify the certified
capital company of the determination and an explanation of its determination or notify the
certified capital company that an additional 15 days will be needed to review and make the
determination. (c) If the Alabama Development Office fails to notify the certified capital
company with respect to the proposed investment within the period specified by subsection
(b), the business in which the company proposes to invest is considered...
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40-14B-15
Section 40-14B-15 Vested premium tax credit - Claim. (a) A premium tax credit allocation claim
must be prepared and executed by a certified investor on a form provided by the Alabama Development
Office. The certified capital company must file the claim with the Alabama Development Office
not later than October 1, 2002. The premium tax credit allocation claim form must include
an affidavit of the certified investor under which the certified investor becomes legally
bound and irrevocably committed to make an investment of certified capital in a certified
capital company in the amount allocated even if the amount allocated is less than the amount
of the claim, subject only to the receipt of an allocation under Section 40-14B-19. (b) A
certified investor may not claim a premium tax credit under Section 40-14B-16 for an investment
that has not been funded, even if the certified investor has committed to fund the investment.
(Act 2002-429, p. 1108, §15.)...
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40-14B-9
Section 40-14B-9 Renewal fee. (a) Not later than January 31 of each year, each certified capital
company shall pay a nonrefundable renewal fee of five thousand dollars ($5,000) to the Alabama
Development Office. If a certified capital company fails to pay its renewal fee on or before
that date, the company must pay, in addition to the renewal fee, a late fee of five thousand
dollars ($5,000) to continue its certification. (b) Notwithstanding subsection (a), a renewal
fee is not required within six months of the date on which the company's certification is
issued pursuant to Section 40-14B-3. (Act 2002-429, p. 1108, §9.)...
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