(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).
Structure Code of Alabama
Title 40 - Revenue and Taxation.
Chapter 14B - Certified Capital Company; Premium Tax Credit.
Section 40-14B-1 - Definitions.
Section 40-14B-2 - Administration of Chapter.
Section 40-14B-3 - Application for Certification.
Section 40-14B-4 - Prohibited Activities.
Section 40-14B-5 - Statement Included With Offering.
Section 40-14B-6 - Qualified Investments.
Section 40-14B-7 - Development Office Opinion as to Proposed Investments.
Section 40-14B-8 - Report Upon Receipt of Certified Capital; Annual Report; Financial Statement.
Section 40-14B-9 - Renewal Fee.
Section 40-14B-10 - Qualified Distributions.
Section 40-14B-11 - Annual Review; Decertification.
Section 40-14B-12 - Recapture of Forfeiture of Premium Tax Credits.
Section 40-14B-13 - Indemnification, etc., of Certified Investors.
Section 40-14B-14 - Vested Premium Tax Credit - Generally.
Section 40-14B-15 - Vested Premium Tax Credit - Claim.
Section 40-14B-16 - Vested Premium Tax Credit - Amounts Allowed.
Section 40-14B-17 - Vested Premium Tax Credit - Pro Rata Allocation.
Section 40-14B-18 - Certified Capital as Admitted Asset.
Section 40-14B-19 - Rate Making for Insurance Contract.
Section 40-14B-20 - Transfer or Assignment of Premium Tax Credits.