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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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40-18-375
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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41-10-44.8
Section 41-10-44.8 Tax credits, job development fees and other incentives. (a) Upon
the issuance by the authority of its project obligations for the purpose of financing a project
for an approved company with respect to which the authority adopted a resolution accepting
the project prior to January 16, 1995, the approved company: (1) Shall receive a credit against
the corporate income tax levied by Section 40-18-31 that otherwise would be owed to
the state in any year by the approved company on its income generated by or arising out of
the project, such credit not to exceed the lesser of (i) the amount due in tax, or (ii) the
amount paid by the approved company pursuant to a financing agreement in the year for which
the tax is due, corresponding to debt service on the project obligations; and (2) May elect
to withhold and retain the aggregate job development fees described in paragraph (b) below,
but only to the extent that debt service payments under the financing agreement(s) exceed...
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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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40-18-371
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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40-18-403
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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41-10-44.9
Section 41-10-44.9 Establishment of tax increment funds. In order to provide a method
of financing project costs other than by the issuance of project obligations payable from
the amounts required to be paid by an approved company under a financing agreement, the authority
may establish one or more tax increment funds with respect to a project, into which the authority
and an approved company may agree that the approved company will deposit either or both of
the following: (i) an annual amount equal to the amount of corporate income tax levied by
Section 40-18-31 that otherwise would be owed by the approved company on its income
generated by or arising from such project, and (ii) the aggregate job development fees withheld
by the approved company as provided in Section 41-10-44.7. The authority may also arrange
for any gifts, grants, loans, appropriations or other forms of aid from the federal or state
governments or from any other public or private entity to be paid into a tax...
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41-10-44.3
Section 41-10-44.3 Additional powers of authority. In addition to the powers granted
to it in Section 41-10-26 and in Sections 41-10-37 through 41-10-43, the authority
shall have the following powers: (1) To adopt and alter bylaws for the regulation and conduct
of its affairs and business; (2) To borrow money and to issue project obligations, whether
or not the interest thereon is excluded from gross income for federal income tax purposes,
for the purpose of financing project costs, and to provide for the rights of the purchasers,
holders or owners of its project obligations; (3) To execute and deliver mortgages, security
agreements and trust indentures and other forms of agreements for the purpose of securing
its project obligations, and in connection therewith, to mortgage, pledge or assign the revenues,
receipts and other property of the authority received, and the financing agreements entered
into by the authority in connection with, the financing of projects under this Article 2A;...
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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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