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40-18-35
Section 40-18-35 Deductions allowed to corporations. (a) The following items shall be
deducted from federal taxable income for purposes of computing taxable income under this chapter:
(1) Refunds of state and local income taxes. (2) Federal income tax paid or accrued during
the taxpayer's taxable year. The portion of federal income tax deductible by a corporation
earning income from sources both inside and outside of Alabama shall be determined by the
ratio that the corporation's taxable income, computed without the deduction for federal income
tax, apportioned and allocated to Alabama bears to the corporation's taxable income, computed
without the deduction for federal income tax, apportioned and allocated everywhere. (3) Interest
income earned on obligations of the United States. (4)a. Interest income earned on obligations
of the State of Alabama or its subdivisions or instrumentalities thereof to the extent included
in gross income for the purposes of federal income taxation. b....
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11-97-8
Section 11-97-8 Powers of corporation; location of facilities of corporation. (a) Every
corporation shall have all of the powers necessary and convenient to carry out and effectuate
the purposes and provisions of this chapter, including (without limiting the generality of
the foregoing) the following powers: (1) To have succession in its corporate name for the
duration of time (which may be in perpetuity, subject to the provisions of Section
11-97-22 hereof) specified in its certificate of incorporation; (2) To sue and be sued in
its own name in civil suits and actions and to defend suits against it; (3) To adopt and make
use of a corporate seal and to alter the same at pleasure; (4) To adopt, alter, and repeal
bylaws, regulations, and rules, not inconsistent with the provisions of this chapter, for
the regulation and conduct of its affairs and business; (5) To acquire, whether by gift, purchase,
transfer, foreclosure, lease, or otherwise, to construct and to expand, improve, operate,...
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16-16A-7
Section 16-16A-7 Additional findings; bonds authorized; procedures. (a) The Legislature
finds that the number of students attending the several school systems located in those areas
of North Alabama that will be directly impacted by the 2005 BRAC and Subsequent BRAC Actions
will collectively increase by an estimated 9,000 students. As a result, there will be a need
for the construction of additional school facilities as well as the renovation of existing
school facilities. The Legislature also finds that the 2005 BRAC and Subsequent BRAC Actions
will have a positive impact on future receipts to the Education Trust Fund, as the significant
population growth in North Alabama will increase sales, income, and other tax collections.
Thus, it is an efficient use of state funds to allow such revenue growth to help pay for capital
improvement costs associated with BRAC-related school construction. (b) The Alabama Public
School and College Authority is hereby authorized to sell and issue its...
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40-2A-7
Section 40-2A-7 Uniform revenue procedures. (a) Maintenance of records; audit and subpoena
authority; authority to issue regulations. (1) In addition to all other recordkeeping requirements
otherwise set out in this title, taxpayers shall keep and maintain an accurate and complete
set of records, books, and other information sufficient to allow the department to determine
the correct amount of value or correct amount of any tax, license, permit, or fee administered
by the department, or other records or information as may be necessary for the proper administration
of any matters under the jurisdiction of the department. The books, records, and other information
shall be open and available for inspection by the department upon request at a reasonable
time and location. (2) The department may examine and audit the records, books, or other relevant
information maintained by any taxpayer or other person for the purpose of computing and determining
the correct amount of value or correct...
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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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40-18-374
Section 40-18-374 Claiming of incentives; project agreement; amounts and durations of
incentives. (a) An incentivized company may claim either or both of the jobs act incentives,
to the extent provided in the project agreement. (b) In order for an incentivized company
to claim the jobs act incentives, the Governor and the incentivized company shall execute
a project agreement. The agreement shall contain all of the following: (1) The name of the
incentivized company; (2) The location of the qualifying project; (3) The activity to be conducted
at the qualifying project; (4) The jobs act incentives to be granted and the order in which
they shall be claimed; (5) The capital investment to be made at the qualifying project; (6)
The time period for the capital investment to be made at the qualifying project; (7) The number
of eligible employees at the qualifying project; (8) The anticipated wages to be paid to or
for the benefit of eligible employees during the incentive period for the jobs...
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40-18-377
Section 40-18-377 Project agreements forwarded to Department of Revenue; incentives
not deemed securities. (a) After its execution, the Department of Commerce shall forward to
the Department of Revenue a copy of any project agreement that allows an incentivized company
to claim a jobs act incentive. (b) Jobs act incentives shall not be considered securities
under Section 8-6-2(10). (Act 2015-27, ยง3.)...
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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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41-10-44.2
Section 41-10-44.2 Additional definitions. In addition to the definitions contained
in Sections 41-10-20 and 41-10-36, the following terms shall have the following meanings,
respectively, when used in this Article 2A unless the context clearly requires otherwise:
(1) APPROVED COMPANY. Any corporation, partnership, trust or other form of business entity
approved by the authority pursuant to the provisions hereof. (2) FINANCING AGREEMENT. Any
loan, agreement, financing agreement, credit agreement, security agreement, mortgage, guaranty
agreement or other type of agreement entered into by the authority and an approved company
in connection with the financing of a project by the authority. (3) INDUSTRIAL or RESEARCH
ENTERPRISE. Any trade or business described in 1987 Standard Industrial Classification Major
Group 07, Major Groups 20 through 39, inclusive, 50 and 51, Industrial Group Number 737, and
Industry Numbers 8731, 8733 and 8734, as set forth in the Standard Industrial Classification...
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40-18-403
Section 40-18-403 Port credits. (a) If approved by the commission, a port credit is
allowed, in an amount equal to fifty dollars ($50) per TEU, three dollars ($3) per net ton,
or four cents ($0.04) per kilogram for air freight, multiplied by the following: (1) The port
user's cargo volume in the 12-month period for which the commission has granted approval for
the port user to claim the port credit, minus (2) The port user's base cargo volume. (b) The
commission shall decrease the amount of the port credit to ensure that the anticipated revenues
for the port facility and state will exceed the amount of the port credit sought. The port
credit may be conditioned on whatever requirements the commission shall impose. The port credits
shall only be available to the extent that a port facility user ships more than 105 percent
of its cargo volume from the 12-month period immediately preceding the port facility user's
application. Moreover, the port credit shall only be available to the extent...
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