HB201 Alabama 2015 Session

Summary

Primary Sponsor

Lynn Greer

Republican

Session

Regular Session 2015

Title

Taxation, financial institution excise tax, repeal of sales tax credit allowed, Sec. 40-16-8 repealed

Summary

HB201 repeals the sales tax credit allowed on the financial institution excise tax return.

What This Bill Does

It eliminates the credit that financial institutions subject to the financial institution excise tax could previously claim for sales and use taxes paid. As a result, those institutions would not receive that credit, potentially increasing their overall tax liability on the FI excise tax. The bill takes effect for taxable years beginning after December 31, 2014, and includes standard severability and repeal of conflicting laws.

Who It Affects

• Financial institutions subject to the financial institution excise tax would lose the sales tax credit, increasing their tax liability.

Key Provisions

• Repeals section 40-16-8 of the Code of Alabama 1975, removing the sales tax credit on the financial institution excise tax return.
• Includes severability; repeals any laws that conflict with this act; and states the act becomes effective for taxable years beginning after December 31, 2014.

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Taxation