§40-18-208. Recommendation and approval; Notice of Tariff Credit.

(a) The Director of the Alabama Development Office and the Commissioner of the Alabama Department of Revenue shall determine, upon receipt of the notice of intent provided by an investing company pursuant to Section 40-18-207, whether to recommend to the Governor, in writing, that an investing company be approved for a tariff credit. In making their determination, the Director of the Alabama Development Office and the Commissioner of the Alabama Department of Revenue may consider any criteria which they consider, in their sole discretion, to be appropriate. Upon approval by the Governor of a tariff credit for the investing company, the department shall provide a Notice of Tariff Credit to the investing company. At the time the notice is provided, the department shall specify in writing the total amount of available credit approved by the Governor for the qualifying project and the rights and limitations for use of the tariff credit by the investing company or a transferee taxpayer.

(b) After receipt of a Notice of Tariff Credit, the investing company shall certify to the department the amount of tariff costs incurred by the investing company within 90 days after each calendar year quarter during the term. The investing company or transferee taxpayer may use the tariff credit in the manner allowed by this article for any quarterly payment up to the total amount of the tariff credit provided to the investing company in the Notice of Tariff Credit.

(c) An investing company is permitted a one-time transfer of all tariff credit to a transferee taxpayer. At the time of transfer, it shall provide a Notice of Change of Ownership, Interest, or Participation of Interest in Tariff Credit Project to the department in the form and manner to be determined by the department, including a copy of the Notice of Tariff Credit and all certifications of tariff costs incurred as provided in subsection (b). A transferee taxpayer may not use a tariff credit for which a Notice of Tariff Credit has not been filed with the department.

(Act 2011-648, p. 1651, §4.)