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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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22-21-318
Section 22-21-318 Powers of authority. (a) In addition to all other powers granted elsewhere
in this article, and subject to the express provisions of its certificate of incorporation,
an authority shall have the following powers, together with all powers incidental thereto
or necessary to the discharge thereof in corporate form: (1) To have succession by its corporate
name for the duration of time, which may be in perpetuity, specified in its certificate of
incorporation or until dissolved as provided in Section 22-21-339; (2) To sue and be
sued in its own name in civil suits and actions, and to defend suits and actions against it,
including suits and actions ex delicto and ex contractu, subject, however, to the provisions
of Chapter 93 of Title 11, which chapter is hereby made applicable to the authority; (3) To
adopt and make use of a corporate seal and to alter the same at pleasure; (4) To adopt, alter,
amend and repeal bylaws, regulations and rules, not inconsistent with the...
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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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40-20-50
Section 40-20-50 Collection of severance taxes; deposit into fund; distribution of investment
income; trustees; escrow agents; limitations. Any laws or parts of laws to the contrary notwithstanding,
any annual privilege tax levied upon persons engaging in the business of producing or severing
oil or gas or other hydrocarbons from the soil or waters of this state measured by the gross
value of such oil or gas or other hydrocarbons and which tax is applicable only in a particular
county and under which collections were being made on January 1, 1987, or which shall hereafter
be levied pursuant to legislative act, shall be continued and collected only as herein prescribed:
(1) All revenues collected from such local severance taxes shall, beginning the first day
of the month following August 3, 1987, be paid into the general fund of the county exclusively
for transfer and deposit into a trust fund hereby established until the total sum of $15,000,000
in severance tax revenues of the type...
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40-18-8.1
Section 40-18-8.1 Gain or loss - Recognition of gains invested in opportunity zones.
(a) A qualified employee's gain shall not be recognized upon the disposition of his or her
ownership interest in a qualified entity, and a qualified investment fund's gain shall not
be recognized upon the disposition of the fund's ownership interest in a qualified entity.
(b) Subsection (a) shall be applied as to each of the following taxes: (1) The income tax
levied by this chapter, or the estimated income tax payment; and (2) The financial institution
excise tax found in Chapter 16. (c) The following terms shall have the following meanings:
(1) A company is anyone or anything with the powers to conduct a lawful business. (2) The
disposition date is the date on which an ownership interest in a qualified entity is sold
or otherwise disposed of, triggering a capital gain. (3) A qualified entity is any company
which meets all of the following: a. As of August 5, 2019, Alabama is not the company's...
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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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41-9-218
Section 41-9-218 Definitions. As used in this article, the following terms shall have
the following meanings: (1) APPLICABLE PERCENTAGE. Zero percent for the first credit allowance
date, 8.33 percent for the next six credit allowance dates, for the total of 50 percent. (2)
CREDIT ALLOWANCE DATE. With respect to any qualified equity investment, the date on which
such investment is initially made and each of the six anniversary dates of that date thereafter.
(3) DEPARTMENT. The Department of Commerce. (4) LONG-TERM DEBT SECURITY. Any debt instrument
issued by a qualified community development entity, at par value or a premium, with an original
maturity date of at least seven years from the date of its issuance, with no acceleration
of repayment, amortization, or prepayment features prior to its original maturity date. The
qualified community development entity that issues the debt instrument may not make cash interest
payments on the debt instrument during the period beginning on the...
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16-6D-8
Section 16-6D-8 Tax credits; Failing Schools Income Tax Credit Account. (a) To provide
educational flexibility and state accountability for students in failing schools: (1) For
tax years beginning on and after January 1, 2013, an Alabama income tax credit is made available
to the parent of a student enrolled in or assigned to attend a failing school to help offset
the cost of transferring the student to a nonfailing public school or nonpublic school of
the parent's choice. The income tax credit shall be an amount equal to 80 percent of the average
annual state cost of attendance for a public K-12 student during the applicable tax year or
the actual cost of attending a nonfailing public school or nonpublic school, whichever is
less. The actual cost of attending a nonfailing public school or nonpublic school shall be
calculated by adding together any tuition amounts or mandatory fees charged by the school
to the student as a condition of enrolling or of maintaining enrollment in the...
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40-18-384
Section 40-18-384 Special industrial or research enterprises; amounts and durations
of incentives; fees for amendments to project agreements. (a) Both of the following shall
be considered industrial or research enterprises for purposes of Chapter 9B of this Title
40, approved activities for purposes of Chapter 9G of this Title 40, and qualifying projects
for purposes of Article 16 of Chapter 18 of this Title 40: (1) Any trade or business predominately
consisting of an activity described in Section 40-18-376.3(c). (2) The agricultural
center described in Section 40-18-411(a)(2)c. (b) The agricultural center is allowed
the investment credit as provided in Section 40-18-376 for a period not to exceed 10
years. (c) For purposes of Article 16 of Chapter 18 of Title 40, the Governor may decrease
the amounts and durations of the jobs act incentives. The Department of Commerce may charge
fees for amendments to project agreements entered into under Article 16 of Chapter 18 of Title
40. (d) As...
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41-10-45.2
Section 41-10-45.2 Fund created; project obligations. (a) There is created the Accelerate
Alabama Fund, which may consist of monies appropriated or otherwise made available by the
Legislature in any manner, proceeds of project obligations issued by the authority, and monies
from any other source designated for deposit into such fund, but not including monies subject
to a constitutional designation for some other purpose. Unexpended amounts remaining in the
fund at the end of each fiscal year of the state shall not lapse into the State General Fund.
Any investment earnings or interest earned on amounts in the fund and all loan payments of
principal and/or interest shall be deposited to the credit of the fund. (b) In addition to
the purposes for which the authority may issue project obligations, the authority is hereby
authorized to issue project obligations to provide money for the fund. Project obligations
shall be issued as provided in Section 41-10-44.6, subject, however, to the...
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