§ 40-14B-16 — Vested Premium Tax Credit - Amounts Allowed

Alabama § 40-14B-16

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

Text

(a) The total amount of certified capital for which premium tax credits may be allowed under this chapter for all years in which premium tax credits are allowed is one hundred million dollars ($100,000,000). Notwithstanding any provision of this chapter to the contrary, the granting of any credits against the insurance premium tax shall not affect the insurance premium tax receipts of the Education Trust Fund which is provided for in Act 93-679, 1993 Regular Session.
(b) No premium tax credits can be used until the second calendar year after the year of the investment by the certified investor.
(c) A certified investor may take up to 12.5 percent of the vested premium tax credit in any taxable year of the certified investor, once the credits are earned, except for the initial delay of this chapter.
(d) A certified capital company and its affiliates may not file premium tax credit allocation claims in excess of the maximum amount of certified capital for which premium tax credits may be allowed as provided in this chapter.
(e) The maximum amount of premium tax credit allocation claims that may be filed on behalf of any one insurance company, on an aggregate basis with its affiliates, in one or more certified capital companies, shall not exceed the greater of: Ten million dollars, or 15 percent of the aggregate limitation on credits provided in subsection (a).

Legislative History

(Act 2002-429, p. 1108, §16.)