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
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.
|February 23, 2012
|Read for the first time and referred to the Senate committee on Finance and Taxation Education
|SB368 Alabama 2012 Session - Introduced