For the purposes of this article, the following words and phrases shall have the following meanings:

(1) ECONOMIC DEVELOPMENT ORGANIZATION. A local economic development organization or a state economic development organization.
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Terms Used In Alabama Code 40-18-410

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • following: means next after. See Alabama Code 1-1-1
  • state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
(2) GROWING ALABAMA CREDIT. The credit provided for in Section 40-18-416, this section is repealed following the close of fiscal year 2020) Scope and use of Growing Alabama Credits” class=”unlinked-ref” datatype=”S” sessionyear=”2021″ statecd=”AL” title=”40″>40-18-413(a).
(3) INDUSTRY OR BUSINESS. An entity which would conduct at a site an activity that is primarily described in Section 40-18-372(1).
(4) LOCAL ECONOMIC DEVELOPMENT ORGANIZATION. Organizations which are determined by the Department of Commerce to meet both of the following criteria:

a. The organization is an Alabama entity not operating for a profit, including, but not limited to, a municipality or county, an industrial board or authority, a chamber of commerce, or some other foundation or Alabama nonprofit corporation charged with improving a community or region of the state.
b. The organization has a record of supporting or otherwise participating in economic development activities in some part of Alabama.
(5) RENEWAL OF ALABAMA COMMISSION. The Renewal of Alabama Commission created by Section 40-18-402.
(6) SITE. Real property owned by a local economic development organization and intended for use by an industry or business.
(7) STATE ECONOMIC DEVELOPMENT ORGANIZATION. Organizations which are determined by the Department of Commerce to be an Alabama entity not operating for a profit which is charged with improving the state or a region of the state.
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