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40-18-6.1
Section 40-18-6.1 Gain or loss - Special rules for capital gains invested in opportunity
zones. (a) The provisions in 26 U.S.C. ยง 1400Z-2 shall be applicable to an investment in
an approved opportunity fund in calculating both of the following: (1) The income tax levied
by this chapter, or the estimated income tax payment. (2) The financial institution excise
tax found in Chapter 16. (b) Any approved opportunity fund may enter into a project agreement
with ADECA to provide to the fund's investors impact investment tax credits against any tax
liability described in subdivisions (1) and (2) of subsection (a). The impact investment tax
credits shall be allocated annually, but only to the extent that one or more projects undertaken
by the fund are not producing the returns provided in the project agreement. Provided however,
the calculation of the impact investment tax credit does not guarantee a rate of return that
is more than the 52-week average yield rate for the United States 10-year...
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41-10-46.01
Section 41-10-46.01 Investment by qualified funds. (a) Any qualified fund may invest
at least three percent of its corpus in one or more approved opportunity funds. (b) The following
terms shall have the following meanings: (1) "ADECA" shall mean the Department of
Economic and Community Affairs. (2) "Approved opportunity fund" shall mean any fund
approved by ADECA as meeting all of the following: a. ADECA determines that the fund has the
capacity to improve Alabama's low-income opportunity zone communities by approving an application
showing all of the following: 1. The amount of existing committed capital or potential to
raise committed capital. 2. The investment track record or strength of the applicant's management
team. 3. The existing project pipeline or strategy for developing new pipeline. 4. The fund
structure and anticipated returns within that fund structure. 5. The presence of sound legal,
accounting, and compliance policies and procedures. 6. A strategy for measuring,...
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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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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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41-10-44.2
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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41-10-44.3
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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40-2B-2
Section 40-2B-2 Alabama Tax Tribunal. (a) Statement of Purpose. To increase public confidence
in the fairness of the state tax system, the state shall provide an independent agency with
tax expertise to resolve disputes between the Department of Revenue and taxpayers, prior to
requiring the payment of the amounts in issue or the posting of a bond, but after the taxpayer
has had a full opportunity to attempt settlement with the Department of Revenue based, among
other things, on the hazards of litigation. By establishing an independent Alabama Tax Tribunal
within the executive branch of government, this chapter provides taxpayers with a means of
resolving controversies that insures both the appearance and the reality of due process and
fundamental fairness. The tax tribunal shall provide hearings in all tax matters, except those
specified by statute, and render decisions and orders relating thereto. A tax tribunal hearing
shall be commenced by the filing of a notice of appeal protesting...
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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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26-16-30
Section 26-16-30 Creation of fund; purpose; investment; disposition. (a) The Children's
Trust Fund is created as a separate fund in the State Treasury. The function of the Children's
Trust Fund shall be to serve as a permanent trust pursuant to Section 26-16-8, and
as an investment account for the earnings and funds received by the Child Abuse and Neglect
Prevention Board pursuant to Sections 26-16-8, 26-16-31, and 26-16-30(e). (b) The State Treasurer
shall credit to the trust fund all amounts appropriated for this purpose under this article
and any amounts received under Section 26-16-8. (c) The State Treasurer shall invest
trust fund money in the same manner as funds are invested pursuant to Section 16-33C-6.
Earnings shall be credited to the trust fund. (d) A separate revenue trust account in the
State Treasury is created to be known as the Child Abuse and Neglect Prevention Board Operations
Fund which shall serve as the administrative fund for the Children's Trust Fund and the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/26-16-30.htm - 3K - Match Info - Similar pages
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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