Alabama § 40-18-377 Project Agreements Forwarded to Department of Revenue; Incentives Not Deemed Securities; Disclosure, Use, and Dissemination of Information

Alabama Statutes

§ 40-18-377 — Project Agreements Forwarded to Department of Revenue; Incentives Not Deemed Securities; Disclosure, Use, and Dissemination of Information

Alabama § 40-18-377

Title 40Revenue and Taxation

Ch. 18Income Taxes

Art. 16Alabama Jobs Act

This text of Alabama § 40-18-377 (Project Agreements Forwarded to Department of Revenue; Incentives Not Deemed Securities; Disclosure, Use, and Dissemination of Information) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 40-18-377 (2026).

Text

(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).

(c)The acceptance of a tax credit under this article shall constitute approval and written consent by the taxpayer to disclose to the Secretary of Commerce the total tax liability, net operating loss, amount of credit claimed, recipient of the credit, and any transferor and transferee information. The Department of Revenue shall disclose the information to the Department of Commerce upon written request by the Secretary of Commerce. The information shall be limited to what is necessary to administer this article. Up

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(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).
(c) The acceptance of a tax credit under this article shall constitute approval and written consent by the taxpayer to disclose to the Secretary of Commerce the total tax liability, net operating loss, amount of credit claimed, recipient of the credit, and any transferor and transferee information. The Department of Revenue shall disclose the information to the Department of Commerce upon written request by the Secretary of Commerce. The information shall be limited to what is necessary to administer this article. Upon receipt of this information, Section 40-2A-10 shall apply to the Department of Commerce and its employees with respect to the use, dissemination, or other handling of the information.