Motion to Read a Third Time and Pass
Yes
32
Absent
3
SB48 Alabama 2012 Session
Updated Jul 25, 2021
Summary
- Primary Sponsor
Arthur OrrSenatorRepublican- Co-Sponsor
- Bill Holtzclaw
- Session
- Regular Session 2012
- Title
- Income tax credit for qualifying projects or new or expanding businesses creating new jobs, tax credits claimed authorized to be carried over up to four tax years, Sec. 40-18-194 am'd.
- Description
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.
- Subjects
- Taxation
Bill Actions
Pending third reading on day 16 Favorable from Economic Development and Tourism
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Economic Development and Tourism
Engrossed
Motion to Read a Third Time and Pass adopted Roll Call 48
Motion to Adopt adopted Roll Call 47
Pittman Amendment Offered
Third Reading Passed
Reported from Finance and Taxation General Fund as Favorable
Read for the first time and referred to the Senate committee on Finance and Taxation General Fund
Bill Text
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Votes
Motion to Adopt
Yes
32
Absent
3
Documents
Bill Text (Engrossed)
SB48 Alabama 2012 Session - Engrossed
Bill Text (Introduced)
SB48 Alabama 2012 Session - Introduced
Source: Alabama Legislature