Tax credits claimed under this article shall not be saleable or transferable. Tax credits earned by a partnership, limited liability company, S corporation, or other "pass-through" entity may be allocated to the partners, members, or shareholders of that entity for their direct use in accordance with the provisions of any agreement among the partners, members, or shareholders. Any amount of tax credit that the taxpayer, or partner, member, or shareholder thereof, is prohibited from claiming in a taxable year may be carried forward to any of the taxpayer's subsequent taxable years.
Structure Code of Alabama
Chapter 9 - Boards and Commissions.
Article 8C - Alabama New Markets Development Act.
Section 41-9-216 - Applicability of Article.
Section 41-9-217 - Short Title.
Section 41-9-218 - Definitions.
Section 41-9-219 - Tax Credit for Qualified Equity Investment.
Section 41-9-219.1 - Allocation of Tax Credits.
Section 41-9-219.2 - Limitation on Certifications.
Section 41-9-219.3 - Application for Designation as a Qualified Equity Investment.
Section 41-9-219.4 - Recapture of Tax Credit; Notice