(a) This section shall be applicable to an underrepresented company, as defined in this section. In making the findings required by Section 40-18-373(1), an underrepresented 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 economic diversity and will benefit the state.
person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
United States: includes the territories thereof and the District of Columbia. See Alabama Code 1-1-1
year: means a calendar year; but, whenever the word "year" is used in reference to any appropriations for the payment of money out of the treasury, it shall mean fiscal year. See Alabama Code 1-1-1
(b) If provided for in the project agreement, the following shall be allowed to any company which meets all of the criteria in subsection (a):
(1) Absent a finding of extraordinary circumstances by the Secretary of Commerce, a qualifying project shall be deemed to be in existence notwithstanding the requirements of Section 40-18-372 so long as 10 new jobs are created.(2) A jobs credit against utility taxes, in an annual amount [ up to 4 percent of the wages paid to [Alabama resident employees during the prior year.(3) The investment credit provided in Section 40-18-376(a) shall have an incentive period [ not to exceed 15 years.(c) An “underrepresented company” is any company which meets all the criteria in the following subdivision (1) or (2):
(1) The company is a for-profit business headquartered in a community eligible for investment through the federal New Markets Tax Credit program under 26 U.S.C. § 45D(e), has fewer than 10 employees at the time the project agreement is executed, and has average gross revenues of less than five hundred thousand dollars ($500,000) in the company’s three years prior to the execution of the project agreement; or(2) The company is a for-profit business that is independently owned and controlled and is at least 51 percent owned and controlled by one or more underrepresented persons or, in the case of a publicly-owned business, the company is a for-profit business of which at least 51 percent of the stock is owned and controlled by one or more underrepresented persons and whose daily management and operations are under the control of one or more underrepresented persons. As used herein, an underrepresented person is a United States citizen who is a woman or is African American.
