SB126 Alabama 2011 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2011
Title
Income tax credit for qualified research and development expenses for financial institutions and businesses, including owners of pass-through businesses, authorized, Secs. 40-18-280, 40-18-281 added; Sec. 40-16-8 am'd.
Description
<p class="bill_description"> Under existing law, there are no tax credits
extended to businesses and financial institutions
for qualified research expenses incurred within the
state</p><p class="bill_description">
This bill would provide a tax credit against
state income taxes or financial institution excise
taxes for qualified research expenses incurred by
businesses, including owners of pass-through
businesses, and financial institutions within the
state parallel to the federal research and
development tax credit</p><p class="bill_entitled_an_act"> To amend Section 40-16-8 of the Code of Alabama
1975, and to add a new Article 11 to Chapter 18 of Title 40
beginning with Section 40-18-280, Code of Alabama 1975, to
provide for research and development tax credits for financial
institutions and businesses, including the owners of
pass-through businesses, subject to excise or income taxes.
</p>
Subjects
Taxation
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| March 1, 2011 | Read for the first time and referred to the Senate committee on Finance and Taxation General Fund |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB126 Alabama 2011 Session - Introduced |