SB247 Alabama 2012 Session

Summary

Primary Sponsor

J.T. Waggoner Senator

Republican

Co-Sponsors

Greg J. ReedMark Slade Blackwell

Session

Regular Session 2012

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.

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Subjects

Taxation