reglab/housing_qa huggingface dataset:
AL Code § 40-14B-4 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 14B - Certified Capital Company; Premium Tax Credit.|Section 40-14B-4 - Prohibited Activities.

Section 40-14B-4Prohibited activities. (a) An insurance company or other persons who may have state premium tax liability or the affiliates of the insurance companies or other persons may not, directly or indirectly, do any of the following:  (1) Manage a certified capital company. (2) Beneficially own, whether through rights, options, convertible interests, or otherwise, more than 15 percent of the outstanding voting securities of a certified capital company. (3) Control the direction of investments for a certified capital company. (b) Not more than one certified investor in any certified capital company or affiliates thereof, may provide a guaranty, indemnity, bond, insurance policy, or other payment undertaking in favor of all of the certified investors of the certified capital company and its affiliates. (c) Subsection (a) applies without regard to whether the insurance company or other person or the affiliate of the insurance company or other person is licensed by or transacts business in this state. (d) This chapter does not preclude a certified investor, an insurance company, or any other person from exercising its legal rights and remedies, including interim management of a certified capital company, if authorized by law, with respect to a certified capital company that is in default of its statutory or contractual obligations to the certified investor, insurance company, or other person, or establishing controls to ensure that the certified capital company satisfies the requirements of this chapter.  (e) Nothing in this section shall limit an insurance company's ownership of nonvoting equity interests in a certified capital company. (Act 2002-429, p. 1108, §4.)
AL Code § 40-14B-5 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 14B - Certified Capital Company; Premium Tax Credit.|Section 40-14B-5 - Statement Included With Offering.

Section 40-14B-5Statement included with offering.  Any offering material involving the sale of securities of the certified capital company must include the following statement: "By authorizing the formation of a certified capital company, the State of Alabama does not endorse the quality of management or the potential for earnings of the company and is not liable for damages or losses to a certified investor in the company. Use of the word "certified" in an offering does not constitute a recommendation or endorsement of the investment by the Alabama Development Office of public accounts. If applicable provisions of law are violated, the State of Alabama may require forfeiture of unused premium tax credits and repayments of used premium tax credits." (Act 2002-429, p. 1108, §5.)
AL Code § 40-14B-7 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 14B - Certified Capital Company; Premium Tax Credit.|Section 40-14B-7 - Development Office Opinion as to Proposed Investments.

Section 40-14B-7Development Office opinion as to proposed investments. (a) A certified capital company may, before making an investment in a business, request from the Alabama Development Office a written opinion as to whether the business in which it proposes to invest is a qualified technology business. (b) The Alabama Development Office shall, not later than the 15th business day after the date of the receipt of a request under subsection (a), determine whether the business meets the definition of a qualified technology business, and notify the certified capital company of the determination and an explanation of its determination or notify the certified capital company that an additional 15 days will be needed to review and make the determination. (c) If the Alabama Development Office fails to notify the certified capital company with respect to the proposed investment within the period specified by subsection (b), the business in which the company proposes to invest is considered to be a qualified technology business.  (Act 2002-429, p. 1108, §7.)
AL Code § 40-14B-8 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 14B - Certified Capital Company; Premium Tax Credit.|Section 40-14B-8 - Report Upon Receipt of Certified Capital; Annual Report; Financial Statement.

Section 40-14B-8Report upon receipt of certified capital; annual report; financial statement. (a) Each certified capital company shall report to the Alabama Development Office as soon as practicable after the receipt of certified capital the following: (1) The name of each certified investor from whom the certified capital was received, including the certified investor's insurance premium tax identification number. (2) The amount of each certified investor's investment of certified capital and premium tax credits. (3) The date on which the certified capital was received. (b) Not later than January 31 of each year, each certified capital company shall report to the Alabama Development Office all of the following: (1) The amount of the company's certified capital at the end of the preceding year. (2) Whether or not the company has invested more than 15 percent of its total certified capital in any one business. (3) Each qualified investment that the company made during the preceding year and, with respect to each qualified investment, the number of employees of the qualified technology business at the time the qualified investment was made. (4) Any other information required by the Alabama Development Office. (c) Not later than April 1 of each year, the company shall provide to the Alabama Development Office an annual audited financial statement that includes the opinion of an independent certified public accountant. The audit or other review by the certified public accountant shall address the methods of operation and conduct of the business of the company to determine whether: (1) The company is complying with this chapter and the rules adopted under this chapter. (2) The funds received by the company have been invested as required within the time provided by subsection (a) of Section 40-14B-6. (3) The company has invested the funds in qualified technology businesses. (Act 2002-429, p. 1108, §8.)
AL Code § 40-14B-9 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 14B - Certified Capital Company; Premium Tax Credit.|Section 40-14B-9 - Renewal Fee.

Section 40-14B-9Renewal fee.  (a) Not later than January 31 of each year, each certified capital company shall pay a nonrefundable renewal fee of five thousand dollars ($5,000) to the Alabama Development Office. If a certified capital company fails to pay its renewal fee on or before that date, the company must pay, in addition to the renewal fee, a late fee of five thousand dollars ($5,000) to continue its certification. (b) Notwithstanding subsection (a), a renewal fee is not required within six months of the date on which the company's certification is issued pursuant to Section 40-14B-3.  (Act 2002-429, p. 1108, §9.)
AL Code § 40-14B-10 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 14B - Certified Capital Company; Premium Tax Credit.|Section 40-14B-10 - Qualified Distributions.

Section 40-14B-10Qualified distributions. (a) A certified capital company may make a qualified distribution at any time. To make a distribution or payment, other than a qualified distribution, a company must have made qualified investments in an amount cumulatively equal to at least 100 percent of its certified capital. (b) Notwithstanding subsection (a), a company may make payments of principal and interest on its indebtedness without any restriction, including payments of indebtedness of the company on which certified investors earned premium tax credits. (c) The State of Alabama shall receive a 10 percent share of any distributions other than qualified distributions and payments with respect to indebtedness from the certified capital company to its equity holders above and beyond the amount of distributions that would result in an internal rate of return on the total amount of certified capital allotted to the certified capital company plus any additional capital contribution to the certified capital company in excess of 15 percent. (d) Once a certified capital company has made qualified investments in an amount cumulatively equal to 100 percent of the certified capital allocated to it, the certified capital company shall no longer be subject to regulation under this chapter. (Act 2002-429, p. 1108, §10.)
AL Code § 40-14B-11 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 14B - Certified Capital Company; Premium Tax Credit.|Section 40-14B-11 - Annual Review; Decertification.

Section 40-14B-11Annual review; decertification. (a) The Alabama Development Office shall conduct an annual review of each certified capital company to: (1) Ensure that the company continues to satisfy the requirements of this chapter and that the company has not made any investment in violation of this chapter. (2) Determine the eligibility status of its qualified investments. (b) The cost of the annual review shall be paid by each certified capital company according to a reasonable fee schedule adopted by the Alabama Development Office. (c) A material violation of Sections 40-14B-6, 40-14B-8, or 40-14B-9 is grounds for decertification of the certified capital company. If the Alabama Development Office determines that a company is not in compliance with Sections 40-14B-6, 40-14B-8, or 40-14B-9, the director shall notify the officers of the company in writing that the company may be subject to decertification after the 120th day after the date of mailing of the notice, unless the deficiencies are corrected and the company returns to compliance with those sections. (d) The Director of the Alabama Development Office may decertify a certified capital company, after opportunity for hearing, if the director finds that the company is not in compliance with Sections 40-14B-6, 40-14B-8, or 40-14B-9 at the end of the period established by subsection (c). Decertification under this subsection is effective on receipt of notice of decertification by the company. The Alabama Development Office shall notify any appropriate state agency of the decertification. (Act 2002-429, p. 1108, §11.)
AL Code § 40-14B-12 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 14B - Certified Capital Company; Premium Tax Credit.|Section 40-14B-12 - Recapture of Forfeiture of Premium Tax Credits.

Section 40-14B-12Recapture of forfeiture of premium tax credits. (a) Decertification of a certified capital company may cause the recapture of premium tax credits previously claimed and the forfeiture of future premium tax credits to be claimed by certified investors with respect to the company, as follows: (1) Except as set forth in subdivision (2), decertification of a company on or before the third anniversary of its allocation date causes the recapture of any premium tax credit previously claimed and the forfeiture of any future premium tax credit to be claimed by a certified investor with respect to the company. (2) For a company that meets the requirements for continued certification under subdivision (1) of subsection (a) of Section 40-14B-6 and subsequently fails to meet the requirements for continued certification under subdivision (2) of subsection (a) of Section 40-14B-6, any premium tax credit that has been or will be taken by a certified investor on or before the third anniversary of the allocation date is not subject to recapture or forfeiture, but any premium tax credit that has been or will be taken by a certified investor after the third anniversary of the allocation date of the company is subject to recapture or forfeiture. (3) For a company that has met the requirements for continued certification under subdivisions (1) and (2) of subsection (a) of Section 40-14B-6 and is subsequently decertified, any premium tax credit that has been or will be taken by a certified investor on or before the fifth anniversary of the allocation date is not subject to recapture or forfeiture, but any premium tax credit to be taken after the fifth anniversary of the allocation date is subject to forfeiture only if the company is decertified on or before the fifth anniversary of its allocation date. (4) For a company that has invested an amount cumulatively equal to 100 percent of its certified capital in qualified investments, any premium tax credit claimed or to be claimed by a certified investor is not subject to recapture or forfeiture under this chapter. (b) The Alabama Development Office shall send written notice to the address of each certified investor whose premium tax credit is subject to recapture or forfeiture, using the address shown on the last premium tax filing.  (Act 2002-429, p. 1108, §12.)
AL Code § 40-14B-13 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 14B - Certified Capital Company; Premium Tax Credit.|Section 40-14B-13 - Indemnification, etc., of Certified Investors.

Section 40-14B-13Indemnification, etc., of certified investors.  The certified capital company may agree to indemnify, or purchase a guaranty, indemnity, bond, insurance policy, or other payment undertaking for the benefit of a certified investor for losses resulting from the recapture or forfeiture of premium tax credits under Section 40-14B-12. (Act 2002-429, p. 1108, §13.)
AL Code § 40-14B-14 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 14B - Certified Capital Company; Premium Tax Credit.|Section 40-14B-14 - Vested Premium Tax Credit - Generally.

Section 40-14B-14Vested premium tax credit - Generally.  (a) A certified investor who makes an investment of certified capital shall in the year of investment earn a vested credit against state premium tax liability equal to 100 percent of the certified investor's investment of certified capital, subject to the limits imposed by this chapter. A certified investor may take up to 12.5 percent of the vested premium tax credit in any taxable year of the certified investor, beginning in the second calendar year after the investment. (b) The credit to be applied against state premium tax liability in any one year may not exceed the state premium tax liability of the certified investor for the taxable year. Any unused credit against state premium tax liability may be carried forward indefinitely until the premium tax credits are used. (c) A certified investor claiming a credit against state premium tax liability earned through an investment in a company is not required to pay any additional retaliatory tax levied by law as a result of claiming that credit. An investment made under this chapter is an "Alabama investment" for purposes of this chapter. (Act 2002-429, p. 1108, §14.)
AL Code § 40-14B-15 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 14B - Certified Capital Company; Premium Tax Credit.|Section 40-14B-15 - Vested Premium Tax Credit - Claim.

Section 40-14B-15Vested premium tax credit - Claim.  (a) A premium tax credit allocation claim must be prepared and executed by a certified investor on a form provided by the Alabama Development Office. The certified capital company must file the claim with the Alabama Development Office not later than October 1, 2002. The premium tax credit allocation claim form must include an affidavit of the certified investor under which the certified investor becomes legally bound and irrevocably committed to make an investment of certified capital in a certified capital company in the amount allocated even if the amount allocated is less than the amount of the claim, subject only to the receipt of an allocation under Section 40-14B-19. (b) A certified investor may not claim a premium tax credit under Section 40-14B-16 for an investment that has not been funded, even if the certified investor has committed to fund the investment.  (Act 2002-429, p. 1108, §15.)
AL Code § 40-14B-16 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 14B - Certified Capital Company; Premium Tax Credit.|Section 40-14B-16 - Vested Premium Tax Credit - Amounts Allowed.

Section 40-14B-16Vested premium tax credit - Amounts allowed. (a) The total amount of certified capital for which premium tax credits may be allowed under this chapter for all years in which premium tax credits are allowed is one hundred million dollars ($100,000,000). Notwithstanding any provision of this chapter to the contrary, the granting of any credits against the insurance premium tax shall not affect the insurance premium tax receipts of the Education Trust Fund which is provided for in Act 93-679, 1993 Regular Session. (b) No premium tax credits can be used until the second calendar year after the year of the investment by the certified investor. (c) A certified investor may take up to 12.5 percent of the vested premium tax credit in any taxable year of the certified investor, once the credits are earned, except for the initial delay of this chapter. (d) A certified capital company and its affiliates may not file premium tax credit allocation claims in excess of the maximum amount of certified capital for which premium tax credits may be allowed as provided in this chapter.  (e) The maximum amount of premium tax credit allocation claims that may be filed on behalf of any one insurance company, on an aggregate basis with its affiliates, in one or more certified capital companies, shall not exceed the greater of: Ten million dollars, or 15 percent of the aggregate limitation on credits provided in subsection (a). (Act 2002-429, p. 1108, §16.)
AL Code § 40-14B-17 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 14B - Certified Capital Company; Premium Tax Credit.|Section 40-14B-17 - Vested Premium Tax Credit - Pro Rata Allocation.

Section 40-14B-17Vested premium tax credit - Pro rata allocation.  (a) If the total premium tax credits claimed by all certified investors exceeds the total limits on premium tax credits established by subsection (a) of Section 40-14B-16, the Alabama Development Office shall allocate the total amount of premium tax credits allowed under this chapter to certified investors in certified capital companies on a pro rata basis in accordance with this chapter. (b) The pro rata allocation for each certified investor shall be the product of: (1) A fraction, the numerator of which is the amount of the premium tax credit allocation claim filed on behalf of the investor and the denominator of which is the total amount of all premium tax credit allocation claims filed on behalf of all certified investors. (2) The total amount of certified capital for which premium tax credits may be allowed under this chapter. (c) On October 15, 2002, the Alabama Development Office shall notify each certified capital company of the amount of tax credits allocated to each certified investor. Each certified capital company shall notify each certified investor of their premium tax credit allocation. (d) If a certified capital company does not receive an investment of certified capital equaling the amount of premium tax credits allocated to a certified investor for which it filed a premium tax credit allocation claim before the end of the 10th business day after the date of receipt of notice of allocation, the company shall notify the Alabama Development Office by overnight common carrier delivery service and that portion of capital allocated to the certified investor shall be forfeited. The Alabama Development Office shall reallocate the forfeited capital among the certified investors in the other certified capital companies that originally received an allocation so that the result after reallocation is the same as if the initial allocation under this chapter had been performed without considering the premium tax credit allocation claims that were subsequently forfeited. (Act 2002-429, p. 1108, §17.)
AL Code § 40-14B-18 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 14B - Certified Capital Company; Premium Tax Credit.|Section 40-14B-18 - Certified Capital as Admitted Asset.

Section 40-14B-18Certified capital as admitted asset. In any case under this chapter or another law of this state in which the assets of a certified investor are examined or considered, the certified capital may be treated as an admitted asset, subject to the applicable statutory valuation procedures. (Act 2002-429, p. 1108, §18.)
AL Code § 40-14B-19 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 14B - Certified Capital Company; Premium Tax Credit.|Section 40-14B-19 - Rate Making for Insurance Contract.

Section 40-14B-19Rate making for insurance contract. A certified investor is not required to reduce the amount of premium tax included by the investor in connection with rate making for any insurance contract written in this state because of a reduction in the investor's Alabama premium tax derived from the credit granted under this chapter. (Act 2002-429, p. 1108, §19.)
AL Code § 40-14B-20 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 14B - Certified Capital Company; Premium Tax Credit.|Section 40-14B-20 - Transfer or Assignment of Premium Tax Credits.

Section 40-14B-20Transfer or assignment of premium tax credits. (a) The Alabama Development Office shall adopt rules to facilitate the transfer or assignment of premium tax credits by certified investors. A certified investor may transfer or assign premium tax credits only in compliance with the rules adopted under this subsection. (b) The transfer or assignment of a premium tax credit does not affect the schedule for taking the premium tax credit under this chapter.  (Act 2002-429, p. 1108, §20.)
AL Code § 40-14B-21 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 14B - Certified Capital Company; Premium Tax Credit.|Section 40-14B-21 - Biennial Report.

Section 40-14B-21Biennial report. (a) The Alabama Development Office shall prepare a biennial report with respect to results of the implementation of this chapter. The report must include all of the following: (1) The number of certified capital companies holding certified capital. (2) The amount of certified capital invested in each certified capital company. (3) The amount of certified capital the certified capital company has invested in qualified technology businesses as of January 1, 2004, and the cumulative total for each subsequent year. (4) The total amount of tax credits granted under this chapter for each year that credits have been granted. (5) The performance of each certified capital company with respect to renewal and reporting requirements imposed under this chapter.  (6) With respect to the qualified technology businesses in which capital companies have invested all of the following: a. The classification of the qualified businesses according to the industrial sector and the size of the business. b. The total number of jobs created by the investment and the average wages paid for the jobs. c. The total number of jobs retained as a result of the investment and the average wages paid for the jobs. (7) The certified capital companies that have been decertified or that have failed to renew the certification and the reason for any decertification. (b) The Alabama Development Office shall file the report with the Governor, the Lieutenant Governor, and the Speaker of the House of Representatives not later than December 15 of each even-numbered year.  (Act 2002-429, p. 1108, §21.)