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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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40-18-371
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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40-18-375
Section 40-18-375 Jobs credit against utility taxes; realization of benefits; regulations.
(a) If provided for in the project agreement and in accordance with the terms therein, the
incentivized company is allowed a jobs credit against utility taxes, in an annual amount equal
to 3 percent of the wages paid to eligible employees during the prior year. The incentive
period shall be 10 years. (b) The project agreement shall provide that one of the following
methods shall be used to realize the benefits of the jobs credit: (1)a. The jobs credit may
be paid to the incentivized company as a refund out of utility taxes during the incentive
period, regardless of the amount of utility taxes actually paid by the incentivized company.
b. For each year of the incentive period for the jobs credit, the incentivized company shall
submit to the Department of Commerce a certification as to the wages paid to eligible employees
during the prior year. Following such examination as it deems necessary, the...
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40-7-25.4
Section 40-7-25.4 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE FEBRUARY 6, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) The governing
body of a county may grant an abatement of all or a portion of the taxes otherwise due under
Section 40-7-25.3 with respect to property located within the county. (b) The abatement provided
by subsection (a) may only be granted if all of the following are satisfied: (1) The property
will be used for a qualifying project as defined 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 property is an area within which not less than fifty million dollars ($50,000,000) of
capital expenditures in connection with the establishment, expansion, construction, equipping,
development, or rehabilitation of such qualifying project is anticipated to be made based
upon representations and information provided by the anticipated...
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41-29-501
Section 41-29-501 Definitions. (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,...
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37-11C-3
Section 37-11C-3 Standards for approval of qualified railroad rehabilitation expenditures;
application for tax credits; completion of project; tax credit certificate; fees; annual report.
(a) By December 1, 2019, the Department of Commerce shall develop standards for the approval
of qualified railroad rehabilitation expenditures for which a tax credit is being sought.
The standards shall consider the availability of additional public or private funding for
the project, the expected completion time of the project, and the anticipated impact of the
project on usage of the railroad infrastructure. (b) Prior to beginning any qualified railroad
rehabilitation work, the eligible taxpayer shall submit an application and rehabilitation
plan to the department and an estimate of the qualified railroad rehabilitation expenditures
under the rehabilitation plan; provided, however, the eligible taxpayer, at its own risk,
may incur qualified railroad rehabilitation expenditures no earlier than six...
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40-18-411
Section 40-18-411 (Per Section 40-18-416, this section is repealed following the close of fiscal
year 2020) Applications. (a) (1) A local economic development organization which owns a site
may apply to the Department of Commerce for funding to solve an inadequacy involving the site.
The application by the local economic development organization shall include at least one
of the following: a. If there is a pending expression of interest about the site from an industry
or business, a list of the site preparation or public infrastructure work needed to make the
site acceptable to the industry or business. b. If the site has been offered to one or more
industries or businesses but the offer did not result in the industry or business locating
on the site, a list of the site preparation or public infrastructure work which, if it had
been completed, would have made the site acceptable to the industries or businesses. c. If
the site is an industrial or research park which needs connections to...
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41-10-45.1
Section 41-10-45.1 Definitions. The following words and phrases shall have the following meanings
when used in this article: (a) AUTHORITY. The State Industrial Development Authority, a public
corporation of the state, organized and existing under Articles 2, 2A, and 2B of this Chapter.
(b) DEPARTMENT. The Alabama Department of Commerce. (c) ELIGIBLE BORROWER. A municipality,
county, industrial development authority organized under Chapter 92A of Title 11, industrial
development board organized under Article 4, Chapter 54 of Title 11, or nonprofit organization
organized to foster economic development and described in Section 501(c) of the Internal Revenue
Code of 1986, as in effect from time to time. (d) ELIGIBLE EXPENSES. Expenses relating to
land acquisition, site preparation or development, building improvements, building construction,
building renovations, infrastructure, and any other real or personal property deemed necessary
or useful in connection therewith. (e) ELIGIBLE...
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41-29-1
Section 41-29-1 Creation; composition; support. (a)(1) There is hereby created the Department
of Commerce within the office of the Governor and directly under his or her supervision and
control. The Department of Commerce shall be headed by the Secretary of Commerce, who shall
be a person possessed with extensive responsible experience in development of economic, human,
and physical resources and promotion of industrial and commercial development. The secretary
shall be appointed by the Governor and serve at his or her pleasure at a salary of any reasonable
amount not to exceed by forty thousand dollars ($40,000) the highest authorized salary for
employees of the Department of Commerce who are subject to the Merit System law. In fixing
such salary, the Governor shall give due consideration of the salaries of comparable positions
in other states and in private industry. All other employees necessary to carry out the duties
and functions of the Department of Commerce shall be employed...
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9-17-34
Section 9-17-34 Additional definitions. In addition to the definitions contained in Section
9-17-1, which shall apply for the purpose of computing the tax as provided in Section 9-17-35,
except to the extent there is a conflict with the definitions contained herein, the following
definitions shall apply for the purpose of computing the tax as provided in Section 9-17-35:
(1) Gross Proceeds. The gross proceeds for a month shall be the sum of the month's market
proceeds and non-market proceeds. No adjustments or deductions may be taken from the market
proceeds or the non-market proceeds in computing gross proceeds. (2) Market Proceeds. The
market proceeds for a month shall be the sum of the amounts due under all market sales transactions
during the month. The amount due under each market sales transaction shall be determined by
multiplying the unit sales price by the volume of severed oil or gas sold in each transaction.
(3) Market Sales Transaction. An agreement or contract for the sale...
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