SB477 - Tariff Credit Act of 2011

• Establishes a discretionary tariff credit program for qualified companies making capital investments of at least $100 million in Alabama and creating at least 100 new full-time jobs meeting state wage requirements.

• Tariff credit limited to $20 million per project (or 25% of capital costs, whichever is less) and $50 million total per taxpayer, applied against state income tax or transferred to other taxpayers for up to three years.

• Requires Director of Alabama Development Office and Commissioner of Revenue to recommend projects for Governor approval; investing companies must certify tariff costs quarterly and maintain minimum employment levels for eight consecutive years post-completion.

• Credits available for new qualifying projects only through December 31, 2015, unless Legislature votes by joint resolution to continue; companies receiving federal tariff refunds must treat refunded amounts as taxable income.

• Credits transferable once to another taxpayer; applicable to proprietorships, corporations, S-corporations, partnerships, LLCs, trusts, and estates through pass-through mechanisms.