Specifications include, but are not limited to: Alabama Research and Development Enhancement Fund; Eligible Research Entities include the following: A public or private university in the state in partnership with a private sector applicant; A university research foundation affiliated with a public or private university in the state in partnership with a private sector applicant; A public two-year college in the state in partnership with a private sector applicant; A publicly-owned hospital in the state in partnership with a private sector applicant; An entity duly formed, domiciled or qualified to do business in the state in partnership with a private sector applicant and that meets each of the following criteria: Is exempt from federal income tax under Section 501 (c) (3) of the Internal Revenue Code of 1986, as amended; Is predominantly engaged in research and non-commercial development activities undertaken for the purpose of discovering information that is technological or biotechnological in nature, involves a process of experimentation, and the application of which is intended to be used in the development of a new or improved product, service or treatment; Has its headquarters and principal place of business in the state; and Has, or is anticipated to have, at least 75 percent (75%) of its property and payroll in Alabama, using the property and payroll factor calculations found in Title 40.
