1. (A) To qualify for the benefits provided in this chapter, a business must be located within this State and must:

   1. (1) be engaged primarily in a business of the type identified in Section 12-6-3360;
   2. (2) provide a benefits package, including health care, to full-time employees hired for the project;
   3. (3) enter into a revitalization agreement that is approved by the council and that describes a minimum job requirement and minimum capital investment requirement for the project as provided in Section 12-10-90; and

   4. (4) have negotiated incentives that the council has determined are appropriate for the project, and the council shall certify that:

      1. (a) the total benefits of the project exceed the costs to the public; and
      2. (b) the business otherwise fulfills the requirements of this chapter.

2. (B) To qualify for benefits pursuant to Section 12-10-95, a business must:

   1. (1) be engaged in manufacturing or processing operations or technology-intensive activities at a manufacturing, processing, or technology-intensive facility as defined in Section 12-6-3360(M);
   2. (2) provide a benefits package, including health care, to employees being retrained; and
   3. (3) enter into a retraining agreement with the council.

HISTORY: 1995 Act No. 25, Section 1; 1996 Act No. 462, Section 16; 1999 Act No. 114, Section 5; 2000 Act No. 399, Section 3(B)(3), eff August 17, 2000; 2001 Act No. 89, Section 14, eff July 1, 2001; 2024 Act No. 222 (H.4087), Section 3, eff July 2, 2024.

Editor's Note

2024 Act No. 222, Section 6, provides as follows:

"SECTION 6. This act takes effect upon approval by the Governor and first applies to income tax years beginning after 2023, except that SECTION 3 first applies to income tax years beginning after 2020."

Effect of Amendment

2024 Act No. 222, Section 3, in (A), in (2), substituted "hired for" for "at"; and made nonsubstantive changes.