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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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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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41-9-219.4
Section 41-9-219.4 Recapture of tax credit; notice (a) The Department of Revenue shall recapture,
from the taxpayer that claimed or is entitled to claim the credit on a return, the tax credit
allowed under this article if, at any time during the seven-year period beginning on the date
of the original issue to the qualified equity investment in a qualified community development
entity, one of the following occurs: (1) Where any amount of the federal tax credit available
with respect to a qualified equity investment that is eligible for a tax credit under this
article is recaptured under Section 45D of the Internal Revenue Code of 1986, as amended,
the Department of Revenue's recapture shall be proportionate to the federal recapture with
respect to that qualified equity investment, and may then reallocate the recaptured credits
to other qualified taxpayers in the year of recapture, without regard for the annual allocation
limitation found in Section 41-9-219.2. (2) The Department of...
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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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40-16-1
exception that the credit for licenses or taxes as provided by Section 40-16-8 and the rules
adopted pursuant thereto by the Department of Revenue will not apply to amounts of excise
tax on financial institutions imposed hereby and paid by such parent corporation. Financial
institution shall not mean or include individual citizens and fiduciaries acting in a representative
capacity for individual citizens, not engaged in a banking, loan, investment, or similar business,
but merely making personal investments of personal or fiduciary funds in bonds,
notes, or other evidences of indebtedness and not made in competition with the business of
national banks, nor shall such term apply to insurance companies or insurance associations
merely making investments of reserves in bonds, notes or other evidences of indebtedness and
not made in competition with the business of national banks. (2) INTERNAL REVENUE CODE or
U.S.C. All references in this chapter to the Internal Revenue Code or to 26...
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40-21-20
Section 40-21-20 What considered in arriving at taxable value of property. In arriving at the
value of such taxable property, whenever used in this chapter or whenever required, the Department
of Revenue, the tax assessors, deputy tax assessors, board of equalization, or other assessing
authorities and the courts shall be authorized to consider and may consider original costs,
reproduction cost new less depreciation, recent sales of contiguous or similar property, the
nature of the property, its location, whether in town, city or county, whether it is vacant
or occupied, its proximity to local advantages, its use, its fitness for the use to which
employed, or its fitness for other uses, the quality of soil, its growth of timber, its mines,
minerals, coal beds, oil or gas deposits, the amount and character of improvements thereon,
the amount of insurance carried on each item of property, the gross and net income received
therefrom during the year or years preceding the date of...
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27-4A-3
Section 27-4A-3 Generally. (a) Subject to the exceptions and exemptions hereinafter set forth,
for the year beginning on January 1, 1995, and for each year thereafter, every insurer shall
pay to the commissioner a premium tax equal to the percentage, as set out in this subsection,
of the premiums received by the insurer for business done in this state, whether the same
was actually received by the insurer in this state or elsewhere: (1) PREMIUM TAX ON LIFE INSURANCE
PREMIUMS. a. Except as hereinafter provided, the rates of taxation on life insurance premiums
shall be those amounts set out in the following schedule: Year Foreign Insurers Domestic Insurers
1995 2.9 1.3 1996 2.8 1.6 1997 2.7 1.8 1998 2.5 2.1 Every Year Thereafter 2.3 2.3 b. Individual
life insurance policies in a face amount of greater than $5,000 and up to and including $25,000,
excluding group life insurance policies, shall be taxed at the rate of one percent per annum.
c. Individual life insurance policies in a face...
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25-4-10
situations); (v) In a position which, under or pursuant to the laws of this state or of an
Indian tribe, is designated as a major nontenured policymaking or advisory position or a policymaking
or advisory position the performance of the duties of which ordinarily does not require more
than 8 hours per week; or d. In a facility conducted for the purpose of carrying out a program
of rehabilitation for individuals whose earning capacity is impaired by age or physical or
mental deficiency or injury or providing remunerative work for individuals who because
of their impaired physical or mental capacity cannot be readily absorbed in the competitive
labor market by an individual receiving such rehabilitation or remunerative work; provided
however, if an individual's employment is otherwise characterized as employment under subsection
(a) and the individual is performing work under the Javits Wagner O'Day Act or a similar set-aside
program under the laws of the United States, the...
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40-18-377
Section 40-18-377 Project agreements forwarded to Department of Revenue; incentives not deemed
securities. (a) After its execution, the Department of Commerce shall forward to the Department
of Revenue a copy of any project agreement that allows an incentivized company to claim a
jobs act incentive. (b) Jobs act incentives shall not be considered securities under Section
8-6-2(10). (Act 2015-27, ยง3.)...
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