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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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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40-18-376.1
Section 40-18-376.1 Projects in targeted or jumpstart counties. (a) As used in this section, the following terms shall have the following meaning: (1) JUMP START COUNTY. Any Alabama county which meets all the following: a. That does not qualify as a targeted county. b. That has experienced negative population growth over the last five years as determined by the Commissioner of Labor as of each January 1 using the most current data available from the United States Departments of Labor or Commerce, the United States Bureau of the Census, or any other federal or state agency or department. c. Contains no more than two opportunity zones as they existed on June 1, 2019. (2) TARGETED COUNTY. Any Alabama county that has a population of 50,000 or less, as determined by the Commissioner of Labor as of each January 1 using the most current data available from the United States Departments of Labor or Commerce, the United States Bureau of the Census, or any other federal or state agency or...
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40-9G-1
Section 40-9G-1 Definitions. For purposes of the chapter, the following words and phrases shall have the following meaning: (1) APPROVED ACTIVITY. The conduct of an activity that is predominantly any one or more of the following: a. Described by NAICS Code 1133, 115111, 2121, 22111, 221330, 31 (other than 311811), 32, 33, 423, 424, 482, 4862, 48691, 48699, 48819, 4882, 4883 (other than 48833), 493, 511, 5121 (other than 51213), 51221, 517, 518 (without regard to the premise that data processing and related services be performed in conjunction with a third party), 51913, 52232, 54133 (if predominantly in furtherance of another activity described in this chapter), 54134 (if predominantly in furtherance of another activity described in this chapter), 54138, 5415, 541614, 5417, 55 (if not for the production of electricity), 561422 (other than establishments that originate telephone calls), 562213, 56291, 56292, 611512, 927 or 92811. b. The production of biofuel as such term is defined in...
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40-9D-4
Section 40-9D-4 Enhancement of abatements and capital credits. (a) For the entities that qualify under this chapter, an abatement shall be allowed for ad valorem taxes. Such abatement shall follow the provisions and definitions of Chapter 9B of this title with the following exceptions: (1) The maximum exemption period as provided in subdivision (10) of Section 40-9B-3 shall be 20 years. (2) This abatement shall apply to real property located at other Alabama project sites built, owned, and operated by the qualifying entity as a component of the qualifying project. Such abatement shall be made pursuant to the provisions of the granting authority where the ancillary property is located. (3) This abatement shall apply to the qualifying entity's tangible personal property located at other Alabama project sites if the property is a component of the qualifying project. Such abatement shall be made pursuant to the provisions of the granting authority where the ancillary property is located....
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11-92C-15
Section 11-92C-15 Failure to pay past due assessments. If any user, lessee, or owner of the project fails to pay when due, with time being of the essence, any assessments or fees due under this chapter, including, but without limitation, any payments in lieu of taxes, collectively "past due assessment," then the authorizing subdivision or authority, or their designated agents, collectively the "fee collector," may commence proceedings to foreclose on the land and improvements of the user, lessee, or owner of the project having land within the State of Alabama, subject to the terms of any executed agreement between the fee collector and the user, lessee, or owner of the project, as follows: (1) A fee collector shall send a letter by means of United States certified mail, return receipt requested, to the last known address of the user, owner, or lessee of the project. The address of the user, owner, or lessee as shown in the tax assessment records of the tax assessor or revenue...
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40-9F-4
Section 40-9F-4 Tax credits calculated, claimed, reserved, granted; transfer or assignment of tax credits. (a) The state portion of any tax credit against the tax imposed by Chapters 16 and 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, and shall be 10 percent of the qualified rehabilitation expenditures for qualified pre-1936 non-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) The entire tax credit may be claimed by the taxpayer in the taxable year in which the certified rehabilitation is placed in service. Where the taxes owed by the taxpayer are less than the tax credit, the taxpayer shall not be...
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11-92C-8
Section 11-92C-8 Powers of authority. (a) The authority shall have the following powers, together with all powers incidental thereto or necessary to the discharge thereof in corporate form: (1) To have succession by its corporate name for the duration of time, which may be in perpetuity, subject to Section 11-92C-20, specified in its certificate of incorporation. (2) To sue and be sued in its own name and to prosecute and defend civil actions in any court having jurisdiction of the subject matter and of the parties; provided that the authority shall be deemed to be a governmental entity as defined in Chapter 93 of this title for the purpose of limiting the damages for which the authority may be liable. (3) To adopt and make use of a corporate seal and to alter the seal at its pleasure. (4) To adopt and alter bylaws for the regulation and conduct of its affairs and business. (5) To acquire, whether by purchase, construction, exchange, gift, lease, or otherwise, and to refinance existing...
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22-21-140
Section 22-21-140 Lease agreements with municipality. (a) Authorization of lease. The authority and the municipality are hereby respectively authorized to enter into one or more lease agreements with each other whereunder one or more projects or any part thereof shall be leased by the authority to the municipality. No such lease agreement shall be for a term longer than the then current fiscal year in which it is made. Any such lease agreement made, however, may contain a grant to the municipality of successive options to renew such lease agreement, on the conditions specified therein, for additional terms; but no such additional term shall be for a period longer than the fiscal year in which such renewal shall be made. The lease agreement may contain provisions as to the method by which such renewal may be effected. (b) Payments limited to current revenues of the municipality for current fiscal year. The obligation on the part of the municipality to pay the rental required to be paid...
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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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