HB224 Alabama 2016 Session

Summary

Primary Sponsor

Danny Garrett Representative

Republican

Session

Regular Session 2016

Title

Taxation, tax credits for certain capital contributions to small businesses in Alabama, established, Dept. of Commerce to administer, Alabama Small Business Investment Company Act

Description

This bill would create the Alabama Small Business Investment Company Act to attract capital to stimulate small business development by establishing tax credits for taxpayers that make eligible capital contributions to an eligible Alabama small business investment fund.

This bill would require the Department of Commerce to accept applications and make determinations regarding eligibility of a business entity as an Alabama small business investment fund.

This bill would specify the amount of tax credits that may be claimed for eligible capital contributions to an Alabama small business investment fund and would provide for the carrying forward of credits under certain conditions.

This bill would also provide procedures for the revocation of tax credits for ineligible contributions and would provide procedures for the exit from the program and would require each small business investment fund to submit a report to the department detailing employment and financial information.

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Subjects

Taxation