Section 41-10-842 Application for Tax Credits; Requirements.

(a) An economic development organization may apply to Innovate Alabama for Innovating Alabama tax credits to undertake any of the following projects: (1) The creation, operation, or support of an accelerator for technology companies, provided that the application is accompanied by an economic impact report. Technology companies shall include companies that earn or reasonably expect to earn at least 75 percent of their revenues from sources described in Section 40-18-376.3(c)(1). (2) The creation, operation, or support of programs designed to provide funding, workforce development, or other resources for an innovative company that meets either of the following criteria: a. The company is a for-profit business headquartered in a community eligible for investment through the federal New Markets Tax Credit program under 26 U.S.C. § 45D(e) as those communities were identified as of January 1, 2015, or in such a community identified thereafter , predominantly conducting an activity in an innovative industry, has fewer than 15 employees at the time the funding agreement is executed, and has average gross revenues of less than one million dollars ($1,000,000) in the company three years prior to the execution of the funding agreement. b. The company is a for-profit business that is headquartered in Alabama, predominantly conducting an activity in an innovative industry, has fewer than 75 employees at the time the funding agreement is executed, and that is at least 51 percent owned and controlled by one or more individuals who are United States Citizens and who are women or African American. As used in this subdivision, an innovative industry includes advanced manufacturing, aerospace, agriculture, bioscience, biotechnology, electronics, energy and natural resources, engineering, life sciences, and information technology industries, and any other innovative industry as determined by Innovate Alabama in its sole discretion. (b) The application provided in subsection (a) shall include proof that the economic development organization has in full force and effect a conflict of interest policy consistent with that found in the instructions to Form 1023 issued by the Internal Revenue Service. (c) The application provided in subsection (a) shall include a notarized affirmation by an officer of the economic development organization that the submission of the application did not violate the conflict of interest policy referred to in subsection (b).