HB368 Alabama 2015 Session

Under existing law, premium tax credits are authorized under the Certified Capital Company program to investors who contribute capital to certified capital companies

This bill would create the Alabama Small Business Investment Act to replace references to certified capital companies with Alabama small business investment companies and would further define the term community outreach as it relates to these companies

This bill would further provide for application procedures for the Alabama small business investment companies and would further provide for the decertification of an Alabama small business investment company

This bill would also establish additional requirements for the allocation of a tax credit for these companies, provide for a third allocation of tax credits, and would require the Department of Commerce to post certain related information on its public website

To amend Sections 40-14B-1, 40-14B-3, 40-14B-12, 40-14B-17, and 40-14B-21 of the Code of Alabama 1975, relating to tax credits; to define the term community outreach as it relates to Alabama small business investment companies; to provide for application procedures for an Alabama small business investment company; to provide for the decertification of a company; to establish additional requirements for the allocation of a tax credit for a company; to require the Department of Commerce to post certain information on its website; and to add a new Section 40-14B-23 to the Code of Alabama 1975, to provide for a third allocation of tax credits under the program.