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40-18-377
Section 40-18-377 Project agreements forwarded to Department of Revenue; incentives not deemed
securities. (a) After its execution, the Department of Commerce shall forward to the Department
of Revenue a copy of any project agreement that allows an incentivized company to claim a
jobs act incentive. (b) Jobs act incentives shall not be considered securities under Section
8-6-2(10). (Act 2015-27, §3.)...
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40-18-375
Section 40-18-375 Jobs credit against utility taxes; realization of benefits; regulations.
(a) If provided for in the project agreement and in accordance with the terms therein, the
incentivized company is allowed a jobs credit against utility taxes, in an annual amount equal
to 3 percent of the wages paid to eligible employees during the prior year. The incentive
period shall be 10 years. (b) The project agreement shall provide that one of the following
methods shall be used to realize the benefits of the jobs credit: (1)a. The jobs credit may
be paid to the incentivized company as a refund out of utility taxes during the incentive
period, regardless of the amount of utility taxes actually paid by the incentivized company.
b. For each year of the incentive period for the jobs credit, the incentivized company shall
submit to the Department of Commerce a certification as to the wages paid to eligible employees
during the prior year. Following such examination as it deems necessary, the...
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40-18-370
Section 40-18-370 Short title; legislative findings; definitions. (a) This article shall be
known and may be cited as the Alabama Jobs Act. (b) The Legislature makes the following findings:
(1) The economic well-being of the citizens of the state will be enhanced by the increased
development and growth of employment within Alabama. (2) It is in the best interests of the
state to provide certain incentives to allow the state to foster economic development through
the recruitment of quality projects and the expansion of existing businesses within Alabama.
(3) The incentives provided for in this article do not raise any taxes for any individuals
or businesses in Alabama under state law. (4) The incentives provided in this article will
allow the state to encourage the creation of new jobs that may not otherwise exist within
the State of Alabama. (5) The incentives provided in this article will increase revenues for
the state without increasing taxes. (6) The Constitution of the State of...
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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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23-7-2
Section 23-7-2 Definitions. For the purposes of this chapter, the following words shall have
the following meanings: (1) BANK. The Alabama Transportation Infrastructure Bank. (2) BOARD.
The board of directors of the bank. (3) BONDS. Includes bonds, notes, or other evidence of
indebtedness except as otherwise provided in this chapter. (4) DEPARTMENT or DEPARTMENT OF
TRANSPORTATION. The Alabama Department of Transportation. (5) ELIGIBLE COST. As applied to
a qualified project to be financed from the federal highway account, the costs that are permitted
under applicable federal laws, requirements, procedures, and guidelines in regard to establishing,
operating, and providing assistance from the bank. As applied to a qualified project to be
financed from the state highway account, these costs include the costs of preliminary engineering,
traffic, and revenue studies; environmental studies; right-of-way acquisition; legal and financial
services associated with the development of the...
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40-18-403
Section 40-18-403 Port credits. (a) If approved by the commission, a port credit is allowed,
in an amount equal to fifty dollars ($50) per TEU, three dollars ($3) per net ton, or four
cents ($0.04) per kilogram for air freight, multiplied by the following: (1) The port user's
cargo volume in the 12-month period for which the commission has granted approval for the
port user to claim the port credit, minus (2) The port user's base cargo volume. (b) The commission
shall decrease the amount of the port credit to ensure that the anticipated revenues for the
port facility and state will exceed the amount of the port credit sought. The port credit
may be conditioned on whatever requirements the commission shall impose. The port credits
shall only be available to the extent that a port facility user ships more than 105 percent
of its cargo volume from the 12-month period immediately preceding the port facility user's
application. Moreover, the port credit shall only be available to the extent...
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29-2-4
Section 29-2-4 Reporting requirements; powers and duties. (a) On or before January 31 of each
year, any county or city required to report local motor fuel excise tax rate information to
the Department of Revenue pursuant to Act 1998-192 shall provide a similar report to the transportation
department regarding the total amount of local motor fuel excise tax revenues collected by
the county or city for the immediately preceding fiscal year and the total amount of the revenues
expended on road and bridge maintenance and improvement during that same fiscal year. The
transportation department shall collect the information and deliver a report to the Joint
Transportation Committee on or before March 31 of each year. (b) The powers and duties of
the Joint Transportation Committee shall be as follows: (1) It shall review and shall consider
concurring with the long-range plan of the transportation department as such plan exists at
the date of the meeting called for the purpose of reviewing the...
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40-18-378
Section 40-18-378 Verification of employment numbers; audits; return of unearned credit amounts;
liability of incentivized companies. (a) The Department of Labor shall periodically verify
the actual number of eligible employees employed at the qualifying project and the wages of
the eligible employees during the relevant year. If the Department of Labor is not able to
provide the verification utilizing all available resources, it may request any additional
information from the incentivized company as may be necessary. The Department of Revenue may
periodically audit any incentivized company to monitor compliance by the incentivized company
with this article. Nothing in this article shall be construed to limit the powers otherwise
existing for the Department of Revenue to audit and assess an incentivized company. The Department
of Insurance shall have similar audit rights over any incentivized company that is subject
to the insurance premium tax. (b) The project agreement shall include...
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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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40-18-6.1
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. § 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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