Section 40-18-374 - Claiming of incentives; project agreement; amounts and durations of incentives(a) An incentivized company may claim either or both of the jobs act incentives, to the extent provided in the project agreement.(b) In order for an incentivized company to claim the jobs act incentives, the Governor and the incentivized company shall execute a project agreement. The agreement shall contain all of the following: (1) The name of the incentivized company;(2) The location of the qualifying project;(3) The activity to be conducted at the qualifying project;(4) The jobs act incentives to be granted [;(5) The capital investment to be made at the qualifying project;(6) The time period for the capital investment to be made at the qualifying project;(7) The number of [ employees at the qualifying project;(8) The anticipated wages to be paid to or for the benefit of [ employees during the incentive period for the jobs created;(9) The dates or conditions that shall begin the running of the incentive periods for applicable jobs act incentives;(10) The lengths of the incentive periods for the jobs act incentives;(11) Any annual or aggregate limitations on the amount of either or both of the jobs act incentives that can be claimed during an incentive period;(12) Provisions governing the recapture of all or part of the jobs act incentives awarded to the qualifying project, should the approved company default on its obligations in the project agreement;(13) Whether the project agreement may be assigned by the approved company to some other purchaser, assignee, or successor;(14) Any other terms, conditions, and limitations that this article or the Governor may require for an incentivized company to qualify for and receive a jobs act incentive; and(15) Any other terms the parties deem necessary or desirable.(c) The Governor may decrease the amounts and durations of the jobs act incentives to ensure that the anticipated revenues for the state will exceed the amount of tax incentives sought.Ala. Code § 40-18-374 (1975)
Amended by Act 2023-34,§ 2, eff. 4/20/2023.Added by Act 2015-27,§ 3, eff. 7/2/2015.