Alabama Administrative Code › Title 810 - ALABAMA DEPARTMENT OF REVENUE › Chapter 810-2-7 - CAPITAL CREDIT REGULATIONS › Section 810-2-7-.02 - Procedure To Notify Department Of Intent To Initiate Project

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Scope. This
			 regulation applies to the designation of one Investing Company, which is a
			 participant in a Joint Venture with one or more Investing Companies, to act as
			 the sole Reporting Company on behalf of the group of Investing Companies. This
			 regulation also applies to the information required to be provided to the
			 Department by a Reporting Company in order to notify the Department of the
			 intent of the Investing Company or Companies to initiate a Project which will
			 qualify for the Capital Credit.
(2)
			 Definition. Terms defined in Reg.
			 810-2-7-.01 are incorporated herein by reference for purposes of this regulation, unless
			 the context clearly indicates otherwise.
(3) Purpose. The purpose of this regulation
			 is to provide the procedure by which the Department is notified of the intent
			 by one or more Investing Companies to initiate a Project which will qualify for
			 the Capital Credit and to provide the Department with the information necessary
			 to report to the Legislature and the public the information required by
			 Sections
			 40-18-190 through
			 40-18-203,
Code of Ala. 1975
, as amended.
(4) Procedure. Prior to the date on which the
			 Qualifying Project is Placed in Service, the Investing Company or, where more
			 than one Investing Company is participating in the Qualifying Project, the
			 Reporting Company, shall file with the Department a written statement of intent
			 (FORM INT) to claim the Capital Credit provided by Sections
			 40-18-190 through
			 40-18-203,
Code of Ala. 1975
, as amended. The statement shall
			 contain;
(a) A description of the Qualifying
			 Project;
(b) The predominant type
			 trade or business activity to be conducted at the Qualifying Project;
(c) The Standard Industrial Classification
			 Code for the Qualifying Project;
(d) Type of Project entity (i.e., C
			 corporation, S corporation, partnership, proprietorship, limited liability
			 company, etc.);
(e) The date on
			 which the acquisition, construction, installation or equipping of the Project
			 was commenced or is expected to commence;
(f) The actual costs, or if the actual costs
			 are not known, the estimated Capital Costs of the Project;
(g) Current number of employees;
(h) The number of New Employees to be
			 employed at the Project, the average hourly wage, and the average Total
			 Compensation of each New Employee;
(i) The name and Federal Employer's
			 Identification Number (FEIN) of each Investing Company;
(j) The percentage or ownership in the
			 Project of each Investing Company to become entitled to the Capital
			 Credit;
(k) The name of the Chief
			 Financial Officer, Chief Executive Officer or Person who will sign the tax
			 return on behalf of the Investing or Reporting Company;
(l) An election by the Investing or Reporting
			 Company specifying the method used to determine the income generated by or
			 arising out of the Qualifying Project;
(m) An election by the Investing or Reporting
			 Company specifying methods to be used to allocate the Capital Credit among the
			 shareholders, partners, members, owners or beneficiaries of the Investing
			 Company or Companies entitled to the credit; and
(n) The location, date of closing, and number
			 of full time employees at the time of closure of any facilities within Alabama
			 closed within the past two years.