SB126 Alabama 2011 Session

Updated Jul 26, 2021

Summary

Primary Sponsor: Tom Whatley
Republican
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: Under existing law, there are no tax credits extended to businesses and financial institutions for qualified research expenses incurred within the state.
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.
Subjects: Taxation

Read for the first time and referred to the Senate committee on Finance and Taxation General Fund