SB48 Alabama 2012 Session

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Bill Summary

Sponsors

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

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.

Subjects

Taxation

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