SB48 Alabama 2012 Session
Bill Summary
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.
To amend Section 40-18-194, Code of Alabama 1975, relating to an income tax capital credit for qualifying projects of new businesses and business expansions; to allow for an extension of the time period in which certain capital credits may be claimed and will also allow the credit to be carried forward from one (1) to four (4) years depending upon the amount of the capital costs of the project.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| March 22, 2012 | Pending third reading on day 16 Favorable from Economic Development and Tourism | |
| March 22, 2012 | Read for the second time and placed on the calendar | |
| February 14, 2012 | Read for the first time and referred to the House of Representatives committee on Economic Development and Tourism | |
| February 14, 2012 | Engrossed | |
| February 14, 2012 | Motion to Read a Third Time and Pass adopted Roll Call 48 | |
| February 14, 2012 | Motion to Adopt adopted Roll Call 47 | |
| February 14, 2012 | Pittman Amendment Offered | |
| February 14, 2012 | Third Reading Passed | |
| February 8, 2012 | Reported from Finance and Taxation General Fund as Favorable | |
| February 7, 2012 | Read for the first time and referred to the Senate committee on Finance and Taxation General Fund |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB48 Alabama 2012 Session - Engrossed |
| Bill Text | SB48 Alabama 2012 Session - Introduced |
Source: Alabama Legislature