Section 40-18-377 - Project agreements forwarded to Department of Revenue; incentives not deemed securities(a) After its execution, the Department of Commerce shall forward to the Department of Revenue a copy of any project agreement that allows an incentivized company to claim a jobs act incentive.(b) Jobs act incentives shall not be considered securities under Section 8-6-2(10).(c) The acceptance of a tax credit under this article shall constitute approval and written consent by the taxpayer to disclose to the Secretary of Commerce the total tax liability, net operating loss, amount of credit claimed, recipient of the credit, and any transferor and transferee information. The Department of Revenue shall disclose such information to the Department of Commerce upon written request by the Secretary of Commerce. The information shall be limited to what is necessary to administer the provisions of this article. Upon receipt of this information, the provisions of Section 40-2A-10 shall apply to the Department of Commerce and its employees with respect to the use, dissemination, or other handling of the information.Ala. Code § 40-18-377 (1975)
Amended by Act 2023-34,§ 2, eff. 4/20/2023.Added by Act 2015-27,§ 3, eff. 7/2/2015.