Alabama § 41-9-219.5 Report

Alabama Statutes

§ 41-9-219.5 — Report

Alabama § 41-9-219.5

Title 41State Government

Ch. 9Boards and Commissions

Art. 8CAlabama New Markets Development Act

This text of Alabama § 41-9-219.5 (Report) 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 § 41-9-219.5 (2026).

Text

(a)On or before the 30th day prior to the third and sixth anniversaries of the issuance of each qualified equity investment, the issuer of such qualified equity investment shall submit a report on a form that the department provides that includes all of the following:

(1)The name, address, and tax identification number of the issuer.

(2)The name, address, and tax identification number of any qualified active low-income community businesses in which the qualified community development has made qualified low-income community investments.

(3)A certificate executed by an executive officer of the issuer attesting to the number of qualified jobs and corresponding payroll created at the qualified active low-income community business, the average of the salaries of such jobs, and the date each

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(a) On or before the 30th day prior to the third and sixth anniversaries of the issuance of each qualified equity investment, the issuer of such qualified equity investment shall submit a report on a form that the department provides that includes all of the following:
(1) The name, address, and tax identification number of the issuer.
(2) The name, address, and tax identification number of any qualified active low-income community businesses in which the qualified community development has made qualified low-income community investments.
(3) A certificate executed by an executive officer of the issuer attesting to the number of qualified jobs and corresponding payroll created at the qualified active low-income community business, the average of the salaries of such jobs, and the date each job was created and, if applicable, terminated.
(4) A certificate executed by an executive officer of the issuer attesting to all of the following:
a. The value of buildings and commercial real estate, as recorded in the balance sheet of the qualified active low-income community business.
b. State, county, and municipal sales, use, income, and property taxes paid, as recorded in the financial statement of the qualified active low-income community business.
(5) Further information supporting the creation of such jobs as the department shall request.
(b) The department shall review the report and conduct other investigations as it deems necessary or appropriate to determine if standards have been met on or prior to the third and sixth anniversary of the issuance of the qualified equity investment.