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40-14B-6
Section 40-14B-6 Qualified investments. (a) To continue to be certified, a certified capital
company shall make qualified investments according to the following schedule: (1) Before the
third anniversary of its allocation date, a company must have made qualified investments in
an amount cumulatively equal to at least 35 percent of its certified capital. (2) Before the
fifth anniversary of its allocation date, a company must have made qualified investments in
an amount cumulatively equal to at least 50 percent of its certified capital. (b) The aggregate
cumulative amount of all qualified investments made by the certified capital company after
its allocation date shall be considered in the computation of the percentage requirements
under this chapter. Any proceeds received from a qualified investment may be invested in another
qualified investment and count toward any requirement in this chapter with respect to investments
of certified capital. (c) A business that is classified as a...
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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-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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8-20-4
Section 8-20-4 Unfair and deceptive trade practices. Notwithstanding the terms, provisions,
or conditions of any dealer agreement or franchise or the terms or provisions of any waiver,
prior to the termination, cancellation, or nonrenewal of any dealer agreement or franchise,
the following acts or conduct shall constitute unfair and deceptive trade practices: (1) For
any manufacturer, factory branch, factory representative, distributor, or wholesaler, distributor
branch, or distributor representative to coerce or attempt to coerce any motor vehicle dealer
to do any of the following: a. To accept, buy, or order any motor vehicle or vehicles, appliances,
equipment, parts, or accessories therefor, or any other commodity or commodities or service
or services which such motor vehicle dealer has not voluntarily ordered or requested except
items required by applicable local, state, or federal law; or to require a motor vehicle dealer
to accept, buy, order, or purchase such items in order to...
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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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40-18-8.1
Section 40-18-8.1 Gain or loss - Recognition of gains invested in opportunity zones. (a) A
qualified employee's gain shall not be recognized upon the disposition of his or her ownership
interest in a qualified entity, and a qualified investment fund's gain shall not be recognized
upon the disposition of the fund's ownership interest in a qualified entity. (b) Subsection
(a) shall be applied as to each of the following taxes: (1) The income tax levied by this
chapter, or the estimated income tax payment; and (2) The financial institution excise tax
found in Chapter 16. (c) The following terms shall have the following meanings: (1) A company
is anyone or anything with the powers to conduct a lawful business. (2) The disposition date
is the date on which an ownership interest in a qualified entity is sold or otherwise disposed
of, triggering a capital gain. (3) A qualified entity is any company which meets all of the
following: a. As of August 5, 2019, Alabama is not the company's...
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40-14-41
Section 40-14-41 (Not Effective After December 31, 1999) Levy on foreign corporations. (a)
Amount of levy. Every corporation organized under the laws of any other state, nation, or
territory and doing business in this state, except strictly benevolent, educational, or religious
corporations, shall pay annually to the state an annual franchise tax of three dollars ($3)
on each one thousand dollars ($1,000) of the actual amount of its capital employed in this
state. Corporations which have qualified to do business in this state shall for the purpose
of this title prima facie be held to be doing business in Alabama. However, in no event shall
the amount paid by any corporation for annual franchise tax be less than the sum of twenty-five
dollars ($25). (b) Definition of capital. The total capital of such foreign corporation, herein
referred to as the "taxpayer," shall equal the aggregate net amount of the following
items determined in accordance with generally accepted accounting...
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40-14B-10
Section 40-14B-10 Qualified distributions. (a) A certified capital company may make a qualified
distribution at any time. To make a distribution or payment, other than a qualified distribution,
a company must have made qualified investments in an amount cumulatively equal to at least
100 percent of its certified capital. (b) Notwithstanding subsection (a), a company may make
payments of principal and interest on its indebtedness without any restriction, including
payments of indebtedness of the company on which certified investors earned premium tax credits.
(c) The State of Alabama shall receive a 10 percent share of any distributions other than
qualified distributions and payments with respect to indebtedness from the certified capital
company to its equity holders above and beyond the amount of distributions that would result
in an internal rate of return on the total amount of certified capital allotted to the certified
capital company plus any additional capital contribution to...
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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...
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38-14-1
Section 38-14-1 Definitions. As used in this chapter, the following terms shall have the following
meanings: (1) DEPARTMENT. The Department of Human Resources. (2) ELIGIBLE INDIVIDUAL or FAMILY
MEMBER. A person whose household income is equal to or less than 80 percent of the median
household income for the state or less than 200 percent of the federal poverty guidelines,
whichever is greater. (3) EMERGENCY. Payments for necessary medical expenses of the account
owner or family member, expenses to avoid the eviction of the account owner from the account
owner's primary residence, and for necessary living expenses following a loss of income (4)
FIDUCIARY ORGANIZATION. Any nonprofit, fund-raising organization that is exempt from taxation
under Section 501(c)(3) of the Internal Revenue Code, as amended; any certified community
development financial institution; any credit union chartered under federal or state law;
or any Indian tribe as defined in Section 4(12) of the Native American...
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