HB608 Summary

• Establishes the Tariff Credit Act of 2011 to provide tax credits offsetting tariff costs for qualifying industrial, warehousing, or research projects making minimum $100 million capital investments and creating at least 100 new jobs paying at or above Alabama's median individual income.

• Tariff credit limited to $25 million or 25% of capital costs (whichever is less) and available for up to 19 years following full-time project operations, usable against state income tax or transferable to other taxpayers.

• Requires investing companies to file notice of intent with Department of Revenue and receive Governor approval; companies must certify tariff costs quarterly and maintain minimum employment level for 3 years after project completion.

• Credit available only to projects filing intent before December 31, 2015, unless Legislature votes by joint resolution to extend; companies forfeiting tariff costs to U.S. refunds must pay 100% tax on refunded amounts with no credits allowed.

• Department of Revenue must adopt implementing regulations and report annually to Legislature on qualifying projects; bill effective for tax years beginning after December 31, 2010.