Bruce Ely and Jimmy Long were published in the Journal of Multistate Taxation and Incentives, Volume 22, Number 5, August 2012, Department: INCENTIVES.
The Alabama legislature has enacted the New Markets Development Act (H.B. 257, 5/16/12; Act No. 2012-483), which provides state income, financial institution excise, and insurance premium tax credits to investors in community development entities that provide funding to businesses that locate in qualified low-income or impoverished communities in Alabama. The Act parallels the provisions of the federal New Markets Tax Credit, IRC Section 45D, in many ways. The availability of the state credits is to be initially determined by the Alabama Department of Commerce, which is the state's industrial recruiting arm, formerly known as the Alabama Development Office.
A partner with the authors' law firm was involved with the legislative efforts in this matter.
Copyright © May 2012. Bruce P. Ely/James E. Long, Jr./Bradley Arant Boult Cummings LLP. All rights reserved. This article appears in and is reproduced with the permission of the Journal of Multistate Taxation and Incentives, Vol. 22, No. 5, August 2012. Published by Warren, Gorham & Lamont, an imprint of Thomson Reuters.