§ 40-14B-11 — Annual Review; Decertification

Alabama § 40-14B-11

• Jurisdiction: Alabama
• Title 40: Revenue and Taxation
• Ch. 14B: Certified Capital Company; Premium Tax Credit

Text

(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 deficiencies are corrected and the company returns to compliance with those sections.
(d) The Director of the Alabama Development Office may decertify a certified capital company, after opportunity for hearing, if the director finds that the company is not in compliance with Sections 40-14B-6, 40-14B-8, or 40-14B-9 at the end of the period established by subsection (c). Decertification under this subsection is effective on receipt of notice of decertification by the company. The Alabama Development Office shall notify any appropriate state agency of the decertification.

Legislative History

(Act 2002-429, p. 1108, §11.)