Code of Alabama - Title 40: Revenue and Taxation - Chapter 14B - Certified Capital Company; Premium Tax Credit

• Section 40-14B-1 Definitions
  As used in this chapter, the following terms shall have the following meanings: (1) AFFILIATE. An affiliate of another person shall include any of the...
• Section 40-14B-2 Administration of chapter
  The Alabama Development Office shall administer this chapter and may adopt rules and forms as necessary to implement this chapter.
• Section 40-14B-3 Application for certification
  (a) The Director of the Alabama Development Office by rule shall establish the application procedures for certified capital companies. (b) An applicant must file an...
• Section 40-14B-4 Prohibited activities
  (a) An insurance company or other persons who may have state premium tax liability or the affiliates of the insurance companies or other persons may...
• Section 40-14B-5 Statement included with offering
  Any offering material involving the sale of securities of the certified capital company must include the following statement: "By authorizing the formation of a certified...
• Section 40-14B-6 Qualified investments
  (a) To continue to be certified, a certified capital company shall make qualified investments according to the following schedule: (1) Before the third anniversary of...
• Section 40-14B-7 Development Office opinion as to proposed investments
  (a) A certified capital company may, before making an investment in a business, request from the Alabama Development Office a written opinion as to whether...
• Section 40-14B-8 Report upon receipt of certified capital; annual report; financial statement
  (a) Each certified capital company shall report to the Alabama Development Office as soon as practicable after the receipt of certified capital the following: (1)...
• Section 40-14B-9 Renewal fee
  (a) Not later than January 31 of each year, each certified capital company shall pay a nonrefundable renewal fee of five thousand dollars ($5,000) to...
• Section 40-14B-10 Qualified distributions
  (a) A certified capital company may make a qualified distribution at any time. To make a distribution or payment, other than a qualified distribution, a...
• Section 40-14B-11 Annual review; decertification
  (a) The Alabama Development Office shall conduct an annual review of each certified capital company to: (1) Ensure that the company continues to satisfy the...
• Section 40-14B-12 Recapture of forfeiture of premium tax credits
  (a) Decertification of a certified capital company may cause the recapture of premium tax credits previously claimed and the forfeiture of future premium tax credits...
• Section 40-14B-13 Indemnification, etc., of certified investors
  The certified capital company may agree to indemnify, or purchase a guaranty, indemnity, bond, insurance policy, or other payment undertaking for the benefit of a...
• Section 40-14B-14 Vested premium tax credit - Generally
  (a) A certified investor who makes an investment of certified capital shall in the year of investment earn a vested credit against state premium tax...
• Section 40-14B-15 Vested premium tax credit - Claim
  (a) A premium tax credit allocation claim must be prepared and executed by a certified investor on a form provided by the Alabama Development Office....
• Section 40-14B-16 Vested premium tax credit - Amounts allowed
  (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...
• Section 40-14B-17 Vested premium tax credit - Pro rata allocation
  (a) If the total premium tax credits claimed by all certified investors exceeds the total limits on premium tax credits established by subsection (a) of...
• Section 40-14B-18 Certified capital as admitted asset
  In any case under this chapter or another law of this state in which the assets of a certified investor are examined or considered, the...
• Section 40-14B-19 Rate making for insurance contract
  A certified investor is not required to reduce the amount of premium tax included by the investor in connection with rate making for any insurance...
• Section 40-14B-20 Transfer or assignment of premium tax credits
  (a) The Alabama Development Office shall adopt rules to facilitate the transfer or assignment of premium tax credits by certified investors. A certified investor may...
• Section 40-14B-21 Biennial report
  (a) The Alabama Development Office shall prepare a biennial report with respect to results of the implementation of this chapter. The report must include all...
• Section 40-14B-22 Allocation of additional tax credits
  (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...

Last modified: May 3, 2021