SB368 Alabama 2012 Session

Summary

Primary Sponsor

Cam Ward

Republican

Co-Sponsors

Del MarshPaul SanfordArthur OrrBill HoltzclawTom WhatleyMark 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 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.

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Subjects

Taxation