(a)(1) This section shall be applicable to a technology company so long as there is a project agreement which provides that Alabama is or will become the company's headquarters, the place of residence of its top three executives, and the place of residence of at least 75 percent of its employees.
(2) In making the findings required by Section 40-18-373(1), a technology company that proposes a qualifying project shall be an approved company for purposes of this section only if the Secretary of Commerce makes the additional finding that the qualifying project will increase the economic diversity of, or otherwise benefit, the state.
(b) If provided for in the project agreement, the following shall be allowed to any company which meets all the criteria in subsection (a):
(1) A qualifying project shall be deemed to be in existence notwithstanding the requirements of Section 40-18-372 so long as at least five new employees are employed at the qualifying project, absent a finding of extraordinary circumstances by the Secretary of Commerce.
(2) The jobs credit provided in Section 40-18-375(a) shall include an additional 2 percent above that otherwise allowed.
(c) A "technology company" is any company which meets all the criteria in subdivision (1) or (2):
(1) A company which earns at least 75 percent of its revenues from either of the following:
a. Activities within subsector 518; industry group 5112, 5121 (other than 51213), 5415, or 5417; or industry 51913 of the 2012 North American Industry Classification System, or any similar classification system developed in conjunction with the United States Department of Commerce or Office of Management and Budget.
b. The use of technology to develop new coding or processes for the creation or delivery of goods or services in the following fields, or any additional activities determined by the Secretary of Commerce to be beneficial to the enhancement of businesses rooted in either of the following fields:
1. Any of the fields of education, healthcare, energy, agriculture, infrastructure, software, robotics, nutrition, aerospace, automotive, or financial services.
2. Any fields related to science, technology, engineering, or mathematics.
(2) A company which, for a fixed term, educates and mentors early-stage technology companies recruited to a location in Alabama, with the goal of accelerating the companies' development and growth.
Last modified: May 3, 2021