40-18-373
Section 40-18-373 Approved companies. In order for a company to be an approved company, all of the following shall occur: (1) For any company that proposes a qualifying project, the Secretary of Commerce shall make all of the following findings: a. That the project is in fact a qualifying project; b. That the qualifying project will not decrease, directly or indirectly, Alabama's exports; and c. That the amount of tax incentives sought are exceeded by anticipated revenues for the state, including income, property, business privilege, utility, gross receipts, sales, and use tax revenues that are generated by the economic activity resulting from the project, as they arise from the following aspects of the qualifying project: 1. Construction activities related to the qualifying project; 2. The purchase of building materials and the initial equipping of the qualifying project; 3. The subsequent equipping of the qualifying project; and 4. The operation of the qualifying project. (2) Upon...
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40-9G-2
Section 40-9G-2 Incentives for qualifying projects; filings; audits; promulgation of regulations. (a) For any qualifying project, an abatement may be allowed for ad valorem taxes and construction related transaction taxes. (1) The abatement of construction related transaction taxes shall be subject to and shall follow the procedures, provisions, limitations, and definitions of Chapter 9B, except that capitalized repairs, rebuilds, maintenance and replacement equipment shall qualify for abatements. (2) The abatement of ad valorem taxes shall be subject to and shall follow the procedures, provisions, limitations, and definitions of Chapter 9B, except as follows: a. The amount of the ad valorem tax abatement shall be equal to the ad valorem taxes owed, minus the ad valorem taxes owed from the tax year immediately before the qualifying project was placed in service; b. As to any ad valorem tax abatement, capitalized repairs, rebuilds, maintenance and replacement equipment shall qualify for...
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40-18-376.3
Section 40-18-376.3 Qualifying projects by technology companies. (a)(1) This section shall be applicable to a technology company so long as there is a project agreement which provides that Alabama is or will become the company's headquarters, the place of residence of its top three executives, and the place of residence of at least 75 percent of its employees. (2) In making the findings required by Section 40-18-373(1), a technology company that proposes a qualifying project shall be an approved company for purposes of this section only if the Secretary of Commerce makes the additional finding that the qualifying project will increase the economic diversity of, or otherwise benefit, the state. (b) If provided for in the project agreement, the following shall be allowed to any company which meets all the criteria in subsection (a): (1) A qualifying project shall be deemed to be in existence notwithstanding the requirements of Section 40-18-372 so long as at least five new employees are...
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40-18-372
Section 40-18-372 Qualifying projects - Activities and standards. A qualifying project must be found by the Secretary of Commerce to conduct an activity specified in subdivision (1) and to meet the minimum standard set forth in subdivision (2). (1) A qualifying project must predominantly conduct an activity that is any one or more of the following: a. Described by NAICS Code 1133, 115111, 2121, 22111, 221330, 31 (other than 311811), 32, 33, 423, 424, 482, 4862, 48691, 48699, 48819, 4882, 4883 (other than 48833), 493, 511, 5121 (other than 51213), 51221, 517, 518 (without regard to the premise that data processing and related services be performed in conjunction with a third party), 51913, 52232, 54133 (if predominantly in furtherance of another activity described in this article), 54134 (if predominantly in furtherance of another activity described in this article), 54138, 5415, 541614, 5417, 55 (if not for the production of electricity), 561422 (other than establishments that...
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40-18-376.1
Section 40-18-376.1 Projects in targeted or jumpstart counties. (a) As used in this section, the following terms shall have the following meaning: (1) JUMP START COUNTY. Any Alabama county which meets all the following: a. That does not qualify as a targeted county. b. That has experienced negative population growth over the last five years as determined by the Commissioner of Labor as of each January 1 using the most current data available from the United States Departments of Labor or Commerce, the United States Bureau of the Census, or any other federal or state agency or department. c. Contains no more than two opportunity zones as they existed on June 1, 2019. (2) TARGETED COUNTY. Any Alabama county that has a population of 50,000 or less, as determined by the Commissioner of Labor as of each January 1 using the most current data available from the United States Departments of Labor or Commerce, the United States Bureau of the Census, or any other federal or state agency or...
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40-18-376
Section 40-18-376 Investment credit; realization methods; regulations. (a) If provided for in the project agreement, the incentivized company is allowed an investment credit in an annual amount equal to 1.5 percent of the capital investment incurred as of the beginning of the incentive period, to be used as follows: (1) To offset the income taxes found in this chapter, or as an estimated tax payment of income taxes; (2) To offset the financial institution excise tax found in Chapter 16; (3) To offset the insurance premium tax levied by Section 27-4A-3(a), or as an estimated payment of insurance premium tax; (4) To offset utility taxes; or (5) To offset some combination of the foregoing, so long as the same credit is used only once. The incentive period shall begin no earlier than the placed-in-service date. The incentive period shall be 10 years. Should only some portion of a tax year be included in the incentive period, the amount of the investment credit shall be prorated on a daily...
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40-18-370
Section 40-18-370 Short title; legislative findings; definitions. (a) This article shall be known and may be cited as the Alabama Jobs Act. (b) The Legislature makes the following findings: (1) The economic well-being of the citizens of the state will be enhanced by the increased development and growth of employment within Alabama. (2) It is in the best interests of the state to provide certain incentives to allow the state to foster economic development through the recruitment of quality projects and the expansion of existing businesses within Alabama. (3) The incentives provided for in this article do not raise any taxes for any individuals or businesses in Alabama under state law. (4) The incentives provided in this article will allow the state to encourage the creation of new jobs that may not otherwise exist within the State of Alabama. (5) The incentives provided in this article will increase revenues for the state without increasing taxes. (6) The Constitution of the State of...
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40-9G-1
Section 40-9G-1 Definitions. For purposes of the chapter, the following words and phrases shall have the following meaning: (1) APPROVED ACTIVITY. The conduct of an activity that is predominantly any one or more of the following: a. Described by NAICS Code 1133, 115111, 2121, 22111, 221330, 31 (other than 311811), 32, 33, 423, 424, 482, 4862, 48691, 48699, 48819, 4882, 4883 (other than 48833), 493, 511, 5121 (other than 51213), 51221, 517, 518 (without regard to the premise that data processing and related services be performed in conjunction with a third party), 51913, 52232, 54133 (if predominantly in furtherance of another activity described in this chapter), 54134 (if predominantly in furtherance of another activity described in this chapter), 54138, 5415, 541614, 5417, 55 (if not for the production of electricity), 561422 (other than establishments that originate telephone calls), 562213, 56291, 56292, 611512, 927 or 92811. b. The production of biofuel as such term is defined in...
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37-11A-1
Section 37-11A-1 Execution and text of compact. The Governor, on behalf of this state, shall execute a compact, in substantially the following form, with the State of Mississippi, and the Legislature approves and ratifies the compact in the form substantially as follows: Northeast Mississippi - Northwest Alabama Railroad Authority Compact. The contracting states solemnly agree: Article I. The purpose of this compact is to promote and develop trade, commerce, industry, and employment opportunities for the public good and welfare in northeast Mississippi and northwest Alabama through the establishment of a joint interstate authority to acquire certain railroad properties and facilities which the operator thereof has notified the Interstate Commerce Commission of an intention to abandon and which are located in any of Franklin, Marion, or Winston Counties, Alabama or in Alcorn or Tishomingo Counties, Mississippi. Article II. This compact shall become effective immediately as to the State...
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40-18-371
Section 40-18-371 Requirements for receipt of incentives. For a company to receive one or both of the jobs act incentives provided in this article, all of the following shall occur: (1) There must be a qualifying project predominantly conducting an activity specified in Section 40-18-372(1); (2) The qualifying project shall create at least the number of new jobs specified in Section 40-18-372(2); (3) The company proposing the qualifying project must be an approved company, as provided in Section 40-18-373; (4) The approved company and the Governor must enter into a project agreement, as provided in Section 40-18-374; (5) If the incentivized company is allowed a jobs credit, the proof of wages actually paid shall have been delivered and certified, as provided in Section 40-18-375; and (6) If the incentivized company is allowed an investment credit, the proof of capital actually invested shall have been delivered and certified, as provided in Section 40-18-376. (Act 2015-27, p. 103, ยง3;...
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