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40-14B-11
Section 40-14B-11 Annual review; decertification. (a) The Alabama Development Office shall
conduct an annual review of each certified capital company to: (1) Ensure that the company
continues to satisfy the requirements of this chapter and that the company has not made any
investment in violation of this chapter. (2) Determine the eligibility status of its qualified
investments. (b) The cost of the annual review shall be paid by each certified capital company
according to a reasonable fee schedule adopted by the Alabama Development Office. (c) A material
violation of Sections 40-14B-6, 40-14B-8, or 40-14B-9 is grounds for decertification of the
certified capital company. If the Alabama Development Office determines that a company is
not in compliance with Sections 40-14B-6, 40-14B-8, or 40-14B-9, the director shall notify
the officers of the company in writing that the company may be subject to decertification
after the 120th day after the date of mailing of the notice, unless the...
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40-14B-8
Section 40-14B-8 Report upon receipt of certified capital; annual report; financial statement.
(a) Each certified capital company shall report to the Alabama Development Office as soon
as practicable after the receipt of certified capital the following: (1) The name of each
certified investor from whom the certified capital was received, including the certified investor's
insurance premium tax identification number. (2) The amount of each certified investor's investment
of certified capital and premium tax credits. (3) The date on which the certified capital
was received. (b) Not later than January 31 of each year, each certified capital company shall
report to the Alabama Development Office all of the following: (1) The amount of the company's
certified capital at the end of the preceding year. (2) Whether or not the company has invested
more than 15 percent of its total certified capital in any one business. (3) Each qualified
investment that the company made during the preceding...
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40-14B-7
Section 40-14B-7 Development Office opinion as to proposed investments. (a) A certified capital
company may, before making an investment in a business, request from the Alabama Development
Office a written opinion as to whether the business in which it proposes to invest is a qualified
technology business. (b) The Alabama Development Office shall, not later than the 15th business
day after the date of the receipt of a request under subsection (a), determine whether the
business meets the definition of a qualified technology business, and notify the certified
capital company of the determination and an explanation of its determination or notify the
certified capital company that an additional 15 days will be needed to review and make the
determination. (c) If the Alabama Development Office fails to notify the certified capital
company with respect to the proposed investment within the period specified by subsection
(b), the business in which the company proposes to invest is considered...
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40-14B-12
Section 40-14B-12 Recapture of forfeiture of premium tax credits. (a) Decertification of a
certified capital company may cause the recapture of premium tax credits previously claimed
and the forfeiture of future premium tax credits to be claimed by certified investors with
respect to the company, as follows: (1) Except as set forth in subdivision (2), decertification
of a company on or before the third anniversary of its allocation date causes the recapture
of any premium tax credit previously claimed and the forfeiture of any future premium tax
credit to be claimed by a certified investor with respect to the company. (2) For a company
that meets the requirements for continued certification under subdivision (1) of subsection
(a) of Section 40-14B-6 and subsequently fails to meet the requirements for continued certification
under subdivision (2) of subsection (a) of Section 40-14B-6, any premium tax credit that has
been or will be taken by a certified investor on or before the third...
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40-14B-3
Section 40-14B-3 Application for certification. (a) The Director of the Alabama Development
Office by rule shall establish the application procedures for certified capital companies.
(b) An applicant must file an application in the form prescribed by the Alabama Development
Office accompanied by a nonrefundable application fee of seven thousand five hundred dollars
($7,500). The application must include an audited balance sheet of the applicant, with an
unqualified opinion from an independent certified public accountant, as of a date not more
than 35 days before the date of the application. (c) To qualify as a certified capital company
all of the following must apply: (1) The applicant must have, at the time of application for
certification, an equity capitalization of at least five hundred thousand dollars ($500,000)
in the form of cash or cash equivalents. The applicant must maintain this equity capitalization
until it receives an allocation of certified capital pursuant to Section...
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40-14B-21
Section 40-14B-21 Biennial report. (a) The Alabama Development Office shall prepare a biennial
report with respect to results of the implementation of this chapter. The report must include
all of the following: (1) The number of certified capital companies holding certified capital.
(2) The amount of certified capital invested in each certified capital company. (3) The amount
of certified capital the certified capital company has invested in qualified technology businesses
as of January 1, 2004, and the cumulative total for each subsequent year. (4) The total amount
of tax credits granted under this chapter for each year that credits have been granted. (5)
The performance of each certified capital company with respect to renewal and reporting requirements
imposed under this chapter. (6) With respect to the qualified technology businesses in which
capital companies have invested all of the following: a. The classification of the qualified
businesses according to the industrial sector...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-14B-21.htm - 1K - Match Info - Similar pages
40-14B-1
Section 40-14B-1 Definitions. As used in this chapter, the following terms shall have the following
meanings: (1) AFFILIATE. An affiliate of another person shall include any of the following:
a. A person who directly or indirectly either: 1. Beneficially owns 15 percent or more of
the outstanding voting securities or other voting ownership interests of the other person,
whether through rights, options, convertible interests, or otherwise; or 2. Controls or holds
power to vote 15 percent or more of the outstanding voting securities or other voting ownership
interests of the other person. b. A person owning 15 percent or more of the outstanding voting
securities or other voting ownership interests of which are directly or indirectly either:
1. Beneficially owned by the other person, whether through rights, options, convertible interests,
or otherwise; or 2. Controlled or held with power to vote by the other person. c. A partnership
or limited liability company in which the other person...
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22-21-260
Section 22-21-260 Definitions. As used in this article, the following words and terms, and
the plurals thereof, shall have the meanings ascribed to them in this section, unless otherwise
required by their respective context: (1) ACQUISITION. Obtaining the legal equitable title
to a freehold or leasehold estate or otherwise obtaining the substantial benefit of such titles
or estates, whether by purchase, lease, loan or suffrage, gift, devise, legacy, settlement
of a trust or means whatever, and shall include any act of acquisition. The term "acquisition"
shall not mean or include any conveyance, or creation of any lien or security interest by
mortgage, deed of trust, security agreement, or similar financing instrument, nor shall it
mean or include any transfer of title or rights as a result of the foreclosure, or conveyance
or transfer in lieu of the foreclosure, of any such mortgage, deed of trust, security agreement,
or similar financing instrument, nor shall it mean or include any...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-21-260.htm - 11K - Match Info - Similar pages
22-21-265
Section 22-21-265 Certificates of need - Required for new institutional health service. (a)
On or after July 30, 1979, no person to which this article applies shall acquire, construct,
or operate a new institutional health service, as defined in this article, or furnish or offer,
or purport to furnish a new institutional health service, as defined in this article, or make
an arrangement or commitment for financing the offering of a new institutional health service,
unless the person shall first obtain from the SHPDA a certificate of need therefor. Notwithstanding
any provisions of this article to the contrary, those facilities and distinct units operated
by the Department of Mental Health, and those facilities and distinct units operating under
contract or subcontract with the Department of Mental Health where the contract constitutes
the primary source of income to the facility, shall not be required to obtain a certificate
of need under this article. (b) Notwithstanding all other...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-21-265.htm - 15K - Match Info - Similar pages
40-14B-15
Section 40-14B-15 Vested premium tax credit - Claim. (a) A premium tax credit allocation claim
must be prepared and executed by a certified investor on a form provided by the Alabama Development
Office. The certified capital company must file the claim with the Alabama Development Office
not later than October 1, 2002. The premium tax credit allocation claim form must include
an affidavit of the certified investor under which the certified investor becomes legally
bound and irrevocably committed to make an investment of certified capital in a certified
capital company in the amount allocated even if the amount allocated is less than the amount
of the claim, subject only to the receipt of an allocation under Section 40-14B-19. (b) A
certified investor may not claim a premium tax credit under Section 40-14B-16 for an investment
that has not been funded, even if the certified investor has committed to fund the investment.
(Act 2002-429, p. 1108, ยง15.)...
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