(a) Subject to, and in accordance with, this chapter, there shall be a second allocation of premium tax credits to investors who contribute certified capital after June 14, 2007, to certified capital companies in an amount equal to the total pool of tax credits allocated pursuant to this chapter prior to June 14, 2007. Any limitations on the amount of certified capital that may be requested by a certified investor contained in this chapter shall be calculated with respect to this allocation without regard to any certified capital requested or invested by such investor prior to June 14, 2007. The Alabama Development Office shall promulgate rules to insure the certified capital program shall be inclusive and reflect the racial, gender, geographic, urban/rural, and economic diversity of the state.
(b) A certified investor who contributes certified capital in connection with the second allocation may take up to a maximum of five percent of the vested premium tax credit against its tax liability for any tax year of the certified investor, beginning in the second tax year after the investment. Provided, however, that for any tax beginning on or after January 1, 2014, a certified investor may take up to 17.5 percent of the vested premium tax credit until the tax credits taken by such investor equal 100 percent of the certified investor's certified capital.
(c) The Alabama Development Office shall administer this chapter and shall adopt such rules as necessary to implement this chapter, including the second allocation provided in subsection (a) no later than the 180th day after June 14, 2007, and shall begin accepting applications with respect to the additional allocation of certified capital no later than 90 days thereafter.
(d) Notwithstanding any provision of this section 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 Section 27-4A-3.
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.