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40-2A-7
Section 40-2A-7 Uniform revenue procedures. (a) Maintenance of records; audit and subpoena
authority; authority to issue regulations. (1) In addition to all other recordkeeping requirements
otherwise set out in this title, taxpayers shall keep and maintain an accurate and complete
set of records, books, and other information sufficient to allow the department to determine
the correct amount of value or correct amount of any tax, license, permit, or fee administered
by the department, or other records or information as may be necessary for the proper administration
of any matters under the jurisdiction of the department. The books, records, and other information
shall be open and available for inspection by the department upon request at a reasonable
time and location. (2) The department may examine and audit the records, books, or other relevant
information maintained by any taxpayer or other person for the purpose of computing and determining
the correct amount of value or correct...
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22-21-318
Section 22-21-318 Powers of authority. (a) In addition to all other powers granted elsewhere
in this article, and subject to the express provisions of its certificate of incorporation,
an 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, specified in its certificate of
incorporation or until dissolved as provided in Section 22-21-339; (2) To sue and be sued
in its own name in civil suits and actions, and to defend suits and actions against it, including
suits and actions ex delicto and ex contractu, subject, however, to the provisions of Chapter
93 of Title 11, which chapter is hereby made applicable to the authority; (3) To adopt and
make use of a corporate seal and to alter the same at pleasure; (4) To adopt, alter, amend
and repeal bylaws, regulations and rules, not inconsistent with the...
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40-18-376.3
Section 40-18-376.3 Qualifying projects by technology companies. (a)(1) This section shall
be applicable to a technology company so long as there is a project agreement which provides
that Alabama is or will become the company's headquarters, the place of residence of its top
three executives, and the place of residence of at least 75 percent of its employees. (2)
In making the findings required by Section 40-18-373(1), a technology company that proposes
a qualifying project shall be an approved company for purposes of this section only if the
Secretary of Commerce makes the additional finding that the qualifying project will increase
the economic diversity of, or otherwise benefit, the state. (b) If provided for in the project
agreement, the following shall be allowed to any company which meets all the criteria in subsection
(a): (1) A qualifying project shall be deemed to be in existence notwithstanding the requirements
of Section 40-18-372 so long as at least five new employees are...
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40-20-50
Section 40-20-50 Collection of severance taxes; deposit into fund; distribution of investment
income; trustees; escrow agents; limitations. Any laws or parts of laws to the contrary notwithstanding,
any annual privilege tax levied upon persons engaging in the business of producing or severing
oil or gas or other hydrocarbons from the soil or waters of this state measured by the gross
value of such oil or gas or other hydrocarbons and which tax is applicable only in a particular
county and under which collections were being made on January 1, 1987, or which shall hereafter
be levied pursuant to legislative act, shall be continued and collected only as herein prescribed:
(1) All revenues collected from such local severance taxes shall, beginning the first day
of the month following August 3, 1987, be paid into the general fund of the county exclusively
for transfer and deposit into a trust fund hereby established until the total sum of $15,000,000
in severance tax revenues of the type...
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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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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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-44.2.htm - 4K - Match Info - Similar pages
41-9-218
Section 41-9-218 Definitions. As used in this article, the following terms shall have the following
meanings: (1) APPLICABLE PERCENTAGE. Zero percent for the first credit allowance date, 8.33
percent for the next six credit allowance dates, for the total of 50 percent. (2) CREDIT ALLOWANCE
DATE. With respect to any qualified equity investment, the date on which such investment is
initially made and each of the six anniversary dates of that date thereafter. (3) DEPARTMENT.
The Department of Commerce. (4) LONG-TERM DEBT SECURITY. Any debt instrument issued by a qualified
community development entity, at par value or a premium, with an original maturity date of
at least seven years from the date of its issuance, with no acceleration of repayment, amortization,
or prepayment features prior to its original maturity date. The qualified community development
entity that issues the debt instrument may not make cash interest payments on the debt instrument
during the period beginning on the...
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16-6D-8
Section 16-6D-8 Tax credits; Failing Schools Income Tax Credit Account. (a) To provide educational
flexibility and state accountability for students in failing schools: (1) For tax years beginning
on and after January 1, 2013, an Alabama income tax credit is made available to the parent
of a student enrolled in or assigned to attend a failing school to help offset the cost of
transferring the student to a nonfailing public school or nonpublic school of the parent's
choice. The income tax credit shall be an amount equal to 80 percent of the average annual
state cost of attendance for a public K-12 student during the applicable tax year or the actual
cost of attending a nonfailing public school or nonpublic school, whichever is less. The actual
cost of attending a nonfailing public school or nonpublic school shall be calculated by adding
together any tuition amounts or mandatory fees charged by the school to the student as a condition
of enrolling or of maintaining enrollment in the...
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40-18-384
Section 40-18-384 Special industrial or research enterprises; amounts and durations of incentives;
fees for amendments to project agreements. (a) Both of the following shall be considered industrial
or research enterprises for purposes of Chapter 9B of this Title 40, approved activities for
purposes of Chapter 9G of this Title 40, and qualifying projects for purposes of Article 16
of Chapter 18 of this Title 40: (1) Any trade or business predominately consisting of an activity
described in Section 40-18-376.3(c). (2) The agricultural center described in Section 40-18-411(a)(2)c.
(b) The agricultural center is allowed the investment credit as provided in Section 40-18-376
for a period not to exceed 10 years. (c) For purposes of Article 16 of Chapter 18 of Title
40, the Governor may decrease the amounts and durations of the jobs act incentives. The Department
of Commerce may charge fees for amendments to project agreements entered into under Article
16 of Chapter 18 of Title 40. (d) As...
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41-10-45.2
Section 41-10-45.2 Fund created; project obligations. (a) There is created the Accelerate Alabama
Fund, which may consist of monies appropriated or otherwise made available by the Legislature
in any manner, proceeds of project obligations issued by the authority, and monies from any
other source designated for deposit into such fund, but not including monies subject to a
constitutional designation for some other purpose. Unexpended amounts remaining in the fund
at the end of each fiscal year of the state shall not lapse into the State General Fund. Any
investment earnings or interest earned on amounts in the fund and all loan payments of principal
and/or interest shall be deposited to the credit of the fund. (b) In addition to the purposes
for which the authority may issue project obligations, the authority is hereby authorized
to issue project obligations to provide money for the fund. Project obligations shall be issued
as provided in Section 41-10-44.6, subject, however, to the...
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