SB368 Alabama 2012 Session
In Committee
Bill Summary
Sponsors
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
<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 limited tax credit
against state income taxes or financial institution
excise taxes for qualified research expenses
incurred by businesses, including pass-through
entities, and financial institutions within the
state parallel to the federal research and
development tax credit, with an increased incentive
if certain universities or research institutions
participate</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 a limited research and development tax credit for
financial institutions and businesses, including pass-through
entities, subject to excise or income taxes.
</p>
Subjects
Taxation
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| February 23, 2012 | Read for the first time and referred to the Senate committee on Finance and Taxation Education |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB368 Alabama 2012 Session - Introduced |