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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40-18-376.1
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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40-18-378
Section 40-18-378 Verification of employment numbers; audits; return of unearned credit amounts; liability of incentivized companies. (a) The Department of Labor shall periodically verify the actual number of eligible employees employed at the qualifying project and the wages of the eligible employees during the relevant year. If the Department of Labor is not able to provide the verification utilizing all available resources, it may request any additional information from the incentivized company as may be necessary. The Department of Revenue may periodically audit any incentivized company to monitor compliance by the incentivized company with this article. Nothing in this article shall be construed to limit the powers otherwise existing for the Department of Revenue to audit and assess an incentivized company. The Department of Insurance shall have similar audit rights over any incentivized company that is subject to the insurance premium tax. (b) The project agreement shall include...
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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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37-11A-1
by the Governor, or upon its otherwise becoming a law, and when the State of Mississippi ratifies the compact. Article III. For purposes of this compact, the following terms shall have the following meanings: (1) Person means an individual, a corporation, a partnership, or any other entity. (2) Railroad means a common carrier by railroad as defined in Section 1(3) of Part I of the Interstate Commerce Act [codified as 49 U.S.C. ยง1(3)]. (3) Railroad properties and facilities mean any real or personal property or interest in property which is owned, leased, or otherwise controlled by a railroad or other person, including, without limitation, the authority, and which are used or are useful in rail transportation service, including, without limiting the generality of the foregoing: a. Track, roadbed, and related structures, including rail, ties, ballast, other track materials, grading, tunnels, bridges, trestles, culverts, elevated structures, stations, office buildings used for operating...
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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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40-18-372
Alliance, created by Executive Order Number 21 of the Governor on July 18, 2011, or any amended version or successor document thereto. g. A type listed in a regulation adopted by the Department of Commerce, other than a regulation submitted as an emergency rule. Notwithstanding the foregoing, a qualifying project may not engage predominantly in farming activities involving trees, animals, or crops, and a qualifying project may not engage predominantly in the retail sale of tangible personal property or services, and may not be a shopping center, restaurant, movie theater, bowling alley, fitness center, miniature golf course, nightclub, gaming facility, or establishment serving the local community. However, if such excluded activities are not the predominant activity at the project, and if the project is otherwise a qualifying project, then the project agreement may provide that the capital investment may include costs related to excluded activities that are ancillary to the...
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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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40-18-370
credit as authorized and provided for in this article. (10) JOBS CREDIT. The annual incentive provided in Section 40-18-375. (11) NAICS CODE. Any sector, subsector, industry group, industry or national industry of the 2012 North American Industry Classification System, or any similar classification system developed in conjunction with the United States Department of Commerce or Office of Management and Budget. (12) PROJECT. Any land, building, or other improvements, and all real and personal properties, whether or not contiguous and whether or not previously in existence, if in Alabama and if deemed necessary or useful in connection with an activity listed in Section 40-18-372(1). (13) PROJECT AGREEMENT. The agreement entered into between an approved company and the Governor establishing the terms and conditions for the provision of the jobs act incentives, as provided for in Section 40-18-374. (14) QUALIFYING PROJECT. Any project to be undertaken by an approved company that...
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40-9F-38
Section 40-9F-38 Historic Tax Credit Evaluating Committee. (a) There is hereby established the Historic Tax Credit Evaluating Committee, which shall review qualifying projects, approve credits for projects, and rank projects in the order in which the projects should receive tax credit reservations based on criteria established by the commission. The commission shall establish a review cycle for the committee beginning on January 1, 2018, provided that the committee shall meet at least quarterly unless no credits remain to be allocated. The Commissioner of Revenue shall be a non-voting member of the committee and provide advisory and technical support. The committee shall consist of the following: (1) Director of the Governor's Office of Minority Affairs. (2) The Executive Director of the Alabama Historical Commission. (3) The Finance Director. (4) The Director of the Alabama Department of Economic and Community Affairs. (5) The Secretary of Commerce. (6) Two members of the Alabama...
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