Ala. Admin. Code r. 281-6-2-.08 - Online System Administered By Revenue

Current through Register Vol. 40, No. 6, March 31, 2022

(a) Upon receipt of a notification from Commerce that a local economic development organization's application has been approved by the Renewal of Alabama Commission, Revenue will open an online system for each project through which taxpayers may agree to fund all or part of the local economic development organization's project. Revenue shall notify a local economic development organization of the date that the online system for a project is open to reserve Growing Alabama Credits.

(b) Taxpayers shall have thirty days from the date that the online system for a project is open to reserve Growing Alabama Credits. Growing Alabama Credits available for a project shall be available on a first-come, first-served basis.

(c) The online system operated by Revenue shall reserve a Growing Alabama Credit for the taxpayer to the extent the project remains unfunded until the local economic development organization makes the certifications contained in subsection (e) of this Section. The credit reservation shall grant the taxpayer twenty-one calendar days from the date of the taxpayer's credit reservation to make a cash contribution to the local economic development organization for the applicable project.

(d) Within sixty days from the date that the online system for a project is open for reservations, the local economic development organization shall certify to Commerce the following:

1. a list of the taxpayers who made cash contributions for the project,

2. the amount of cash contribution actually received from each,

3. a statement that the project has or has not received sufficient funding as provided in the applicable Growing Alabama Funding Agreement, and

4. a statement that the project will or will not be constructed.

(e) Within sixty days from the date that the online system for a project is open for reservations, the local economic development organization shall provide to Revenue a copy of the list provided to Commerce under subsection (d) of this Section and shall, utilizing the online system operated by Revenue, certify the following information:

1. that each contribution applicable to the project has been made,

2. that the project has been funded in accordance with the applicable Growing Alabama Funding Agreement, and

3. that the project will be undertaken by the local economic development organization.

Absence of the certifications required by this subsection (e) shall cause the credit reservation to be automatically denied by the online system operated by Revenue and, upon denial, no Growing Alabama Credit may be claimed by the taxpayer.

Notes

Ala. Admin. Code r. 281-6-2-.08

Adopted by Alabama Administrative Monthly Volume XXXV, Issue No. 05, February 28, 2017, eff. 3/19/2017.

Author: Department of Commerce

Statutory Authority: Code of Ala. 1975. §§ 40-18 -412, 40-18-415(f).