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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16-60-351
Section 16-60-351 Credit for qualifying education expenses. (a)(1) For tax years commencing January 1, 2015, and thereafter, a taxpayer who files a state income tax return and is not a dependent of another taxpayer may claim a tax credit for a contribution made to the Department of Postsecondary Education for qualifying educational expenses directly associated with the Career-Technical Dual Enrollment Program as defined by State Board of Education policy. (2) The tax credit may be claimed by the taxpayer in an amount equal to 50 percent of the total contribution or contributions made to the Department of Postsecondary Education during the taxable year for which the credit is claimed, but such credit is not to exceed an amount greater than 50 percent of the taxpayer's total Alabama income tax liability, and in no case more than five hundred thousand dollars ($500,000) for any given tax year. (3) The cumulative amount of tax credits issued pursuant this article shall not exceed five...
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16-6D-9
Section 16-6D-9 Tax credit claims; administrative accountability; verification of requirements; rules and procedures. (a)(1) An individual taxpayer who files a state income tax return and is not claimed as a dependent of another taxpayer, a taxpayer subject to the corporate income tax levied by Chapter 18 of Title 40, an Alabama S corporation as defined in Section 40-18-160, or a Subchapter K entity as defined in Section 40-18-1 may claim a credit for a contribution made to a scholarship granting organization. If the credit is claimed by an Alabama S corporation or Subchapter K entity, the credit shall pass through to and may be claimed by any taxpayer eligible to claim a credit under this subdivision who is a shareholder, partner, or member thereof, based on the taxpayer's pro rata or distributive share, respectively, of the credit. (2) The tax credit may be claimed by an individual taxpayer or a married couple filing jointly in an amount equal to 100 percent of the total...
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37-11C-4
Section 37-11C-4 Allowance and claim of tax credits; Railroad Rehabilitation Income Tax Credit Account; written transfer agreements. (a) For tax years beginning after December 31, 2019, there is a credit allowed against the state income tax levied by Section 40-18-2 equal to 50 percent of an eligible taxpayer's qualified railroad rehabilitation expenditures. The tax credit allowed under this section may not exceed three thousand five hundred dollars ($3,500) multiplied by the number of miles of railroad track owned or leased within the state by the eligible taxpayer at the close of the taxable year. (b) There is created within the Education Trust Fund a separate account named the Railroad Rehabilitation Income Tax Credit Account. The Commissioner of Revenue shall certify to the state Comptroller the amount of income tax credits under this section and the state Comptroller shall transfer into the Railroad Rehabilitation Income Tax Credit Account only the amount from sales tax revenues...
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40-9F-33
Section 40-9F-33 Limitations on tax credits; Historic Income Tax Credit Account; transfer or assignment of tax credits. (a) The state portion of any tax credit against the tax imposed by Chapter 18 for the taxable year in which the certified rehabilitation is placed in service, shall be equal to 25 percent of the qualified rehabilitation expenditures for certified historic structures. No tax credit claimed for any certified rehabilitation may exceed five million dollars ($5,000,000) for all allowable property types except a certified historic residential structure, and fifty thousand dollars ($50,000) for a certified historic residential structure. (b) There is created within the Education Trust Fund a separate account named the Historic Preservation Income Tax Credit Account. The Commissioner of Revenue shall certify to the Comptroller the amount of income tax credits under this section and the Comptroller shall transfer into the Historic Preservation Income Tax Credit Account only...
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40-18-391
Section 40-18-391 Definitions. For the purpose of this article, the following words and phrases shall have the following meanings: (1) ALABAMA SMALL BUSINESS EMPLOYER. A business organization duly formed, organized, or qualified to do business in the state, with its headquarters or principal place of business in the state, and having 75 or fewer employees during the tax year in which the tax credit is claimed pursuant to this article, other than new employees for which a credit is allowed by this article. (2) DEPARTMENT. The Alabama Department of Revenue. (3) NET EMPLOYEE GROWTH. An Alabama small business employer's net increase in the total number of full-time employees residing in Alabama based on the following: a. The total number of full-time Alabama employees on the last date of each tax year in which the employer is claiming a credit pursuant to this article; minus, b. The total number of full-time Alabama employees on July 24, 2016. (4) QUALIFIED NEW EMPLOYEE. A new employee of...
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40-14B-17
Section 40-14B-17 Vested premium tax credit - Pro rata allocation. (a) If the total premium tax credits claimed by all certified investors exceeds the total limits on premium tax credits established by subsection (a) of Section 40-14B-16, the Alabama Development Office shall allocate the total amount of premium tax credits allowed under this chapter to certified investors in certified capital companies on a pro rata basis in accordance with this chapter. (b) The pro rata allocation for each certified investor shall be the product of: (1) A fraction, the numerator of which is the amount of the premium tax credit allocation claim filed on behalf of the investor and the denominator of which is the total amount of all premium tax credit allocation claims filed on behalf of all certified investors. (2) The total amount of certified capital for which premium tax credits may be allowed under this chapter. (c) On October 15, 2002, the Alabama Development Office shall notify each certified...
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40-18-324
Section 40-18-324 Duties and procedures. (a) The Department of Labor, in coordination with the Department of Revenue, the Department of Economic and Community Affairs, and the Department of Veterans' Affairs shall: (1) Promote awareness of the unemployed veteran tax credit authorized in this article to employers and eligible veterans. (2) Establish procedures for prequalifying an individual as an unemployed veteran and for providing notice to the Department of Labor when a new full-time employee is hired. (3) Establish procedures for certifying a qualified employer's compliance, or in the case of a credit under subsection (b) of Section 40-18-323, a recently deployed unemployed veteran's compliance, with the eligibility and expense verification requirements to claim the credit authorized under this section. (4) Adopt measurable goals, outcomes, and an audit strategy to assess the utilization and performance of the credits authorized in this article. (5) On or before January 15, 2014,...
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40-23-1
Section 40-23-1 Definitions; transactions considered or not considered sales. (a) For the purpose of this division, the following terms shall have the respective meanings ascribed by this section: (1) PERSON or COMPANY. Used interchangeably, includes any individual, firm, copartnership, association, corporation, receiver, trustee, or any other group or combination acting as a unit and the plural as well as the singular number, unless the intention to give a more limited meaning is disclosed by the context. (2) DEPARTMENT. The Department of Revenue of the State of Alabama. (3) COMMISSIONER. The Commissioner of Revenue of the State of Alabama. (4) TAX YEAR or TAXABLE YEAR. The calendar year. (5) SALE or SALES. Installment and credit sales and the exchange of properties as well as the sale thereof for money, every closed transaction constituting a sale. Provided, however, a transaction shall not be closed or a sale completed until the time and place when and where title is transferred by...
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41-29-3
Section 41-29-3 Project notification; applications. (a)(1) The Secretary of Commerce shall be notified in writing about the general parameters of a project if an entity is considering locating or expanding a facility at a site within this state and intends to claim any of the incentives provided by the State of Alabama that are described in subdivision (2) (the "required notification"). The required notification should be made as soon as the project's parameters are generally known or when a site or sites have been identified by a project entity or a visit is made to the State of Alabama by the project entity or its representative. The initial required notification may be made on an anonymous basis (i.e., "Project Alpha") in order to protect the confidentiality of a proposed project. Upon timely notifying the secretary within the time frame specified in this subdivision, the secretary shall transmit a letter to the project entity or its representative acknowledging receipt of the...
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