Alabama § 40-18-383 Maximum Balance of Outstanding Incentives; Availability of Incentives to Qualifying Projects

Alabama Statutes

§ 40-18-383 — Maximum Balance of Outstanding Incentives; Availability of Incentives to Qualifying Projects

Alabama·Title 40 Revenue and Taxation·Ch. 18 Income Taxes·Art. 16 Alabama Jobs Act

(a)At no time prior to the calendar year ending December 31, 2021, shall the annualized balance of the outstanding jobs act incentives exceed three hundred fifty million dollars ($350,000,000), which amount shall increase to three hundred seventy-five million dollars ($375,000,000) for the calendar year ending December 31, 2023, four hundred million dollars ($400,000,000) for the calendar year ending December 31, 2024, four hundred twenty-five million dollars ($425,000,000) for the calendar year ending December 31, 2025, four hundred fifty million dollars ($450,000,000) for the calendar year ending December 31, 2026, and four hundred seventy-five million dollars ($475,000,000) for the calendar year ending December 31, 2027, unless the Legislature enacts legislation to allow additional job

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(a) At no time prior to the calendar year ending December 31, 2021, shall the annualized balance of the outstanding jobs act incentives exceed three hundred fifty million dollars ($350,000,000), which amount shall increase to three hundred seventy-five million dollars ($375,000,000) for the calendar year ending December 31, 2023, four hundred million dollars ($400,000,000) for the calendar year ending December 31, 2024, four hundred twenty-five million dollars ($425,000,000) for the calendar year ending December 31, 2025, four hundred fifty million dollars ($450,000,000) for the calendar year ending December 31, 2026, and four hundred seventy-five million dollars ($475,000,000) for the calendar year ending December 31, 2027, unless the Legislature enacts legislation to allow additional jobs act incentives. Of the above annualized balance, twenty million dollars ($20,000,000) shall apply to qualifying projects located in targeted or jumpstart counties as described in Section 40-18-376.1.
(b)
Jobs act incentives under this article shall not be available for any qualifying project unless at least 80 percent of the
employees created by the qualifying project are employed full time.

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