Under existing law, certain new and expanding businesses may qualify for an income tax capital credit of up to five percent (5%) of the capital costs of a qualifying project in each of the 20 years, commencing with the year during which the qualifying project is placed into service and continuing for 19 consecutive years thereafter. Any unused capital credit may not be carried forward to another tax year.
This bill would allow for an extension of the time period in which certain capital credits may be claimed and will allow unused capital credits for certain qualifying projects to be carried forward.
Delivered to Governor at 11:45 a. m. on May 9, 2012.
Assigned Act No. 2012-385.
Clerk of the House Certification
Signature Requested
Enrolled
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 1194
Pending third reading on day 26 Favorable from Finance and Taxation General Fund
Read for the second time and placed on the calendar
Read for the first time and referred to the Senate committee on Finance and Taxation General Fund
Engrossed
Motion to Read a Third Time and Pass adopted Roll Call 940
Third Reading Passed
Hammon motion to Carry Over Temporarily adopted Voice Vote
Motion to Adopt ED&T amendment adopted Roll Call 939
Holmes motion to Adjourn lost Roll Call 938
Economic Development and Tourism Amendment Offered
Third Reading Carried Over
Read for the second time and placed on the calendar 1 amendment
Read for the first time and referred to the House of Representatives committee on Economic Development and Tourism
Source: Alabama Legislature