Section 40-18-376.3 - Qualifying projects by technology companies(a)(1) This section shall be applicable to a technology company so long as there is a project agreement which provides that Alabama is or will become the company's headquarters, the place of residence of its top three executives, and the place of residence of at least 75 percent of its employees.(2) In making the findings required by Section 40-18-373(1), a technology 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 the economic diversity of, or otherwise benefit, the state.(3) A qualifying project shall be deemed to be in existence, notwithstanding the requirements of Section 40-18-372, so long as at least 10 new employees are employed at the qualifying project, absent a finding of extraordinary circumstances by the Secretary of Commerce.(b) If provided for in the project agreement, the following shall be allowed to any company which meets all the criteria in subsection (a): (1) 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. The incentive period shall [ not exceed 10 years.(2) An investment credit as provided in Section 40-18-376.(c) A "technology company" is any company which meets all the criteria in subdivision (1) or (2):(1) A company that earns at least 75 percent of its revenues from either of the following: a. Activities within subsector 518; industry group 5112, 5121 (other than 51213), 5415, or 5417; or industry 51913 of the 2012 North American Industry Classification System, or any similar classification system developed in conjunction with the United States Department of Commerce or Office of Management and Budget.b. The use of technology to develop new coding or processes for the creation or delivery of goods or services in the following fields, or any additional activities determined by the Secretary of Commerce to be beneficial to the enhancement of businesses rooted in either of the following fields: 1. Any of the fields of education, healthcare, energy, agriculture, infrastructure, software, robotics, nutrition, aerospace, automotive, or financial services.2. Any fields related to science, technology, engineering, or mathematics.(2) A company that, for a fixed term, educates and mentors early-stage technology companies recruited to a location in Alabama, with the goal of accelerating the companies' development and growth.Ala. Code § 40-18-376.3 (1975)
Amended by Act 2023-34,§ 2, eff. 4/20/2023.Amended by Act 2021-2,§ 1, eff. 2/12/2021.Added by Act 2019-392,§ 5, eff. 8/5/2019.