HB368 Alabama 2015 Session

Summary

Primary Sponsor

Marcel Black

Democrat

Session

Regular Session 2015

Title

Tax credits, certified capital company, application procedure, Sec. 40-14B-23 added; Secs. 40-14B-1, 40-14B-3, 40-14B-12, 40-14B-17, 40-14B-21 am'd.

Description

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.

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Subjects

Alabama Development Office