Under existing law, counties and municipalities receive a distribution from the financial institution excise tax imposed upon certain financial institutions.
This bill would ensure that any tax credits that may be allowed to offset the excise tax liability of a financial institution would be used to offset only the state portion of the liability and would apply to tax credits enacted prior to, on, and after the effective date of this act.
Delivered to Governor at 11:00 a.m. on May 4, 2016.
Assigned Act No. 2016-280.
Clerk of the House Certification
Signature Requested
Enrolled
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 956
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the Senate committee on Finance and Taxation Education
Engrossed
Motion to Read a Third Time and Pass adopted Roll Call 521
Motion to Adopt adopted Roll Call 520
County and Municipal Government Amendment Offered
Third Reading Passed
Read for the second time and placed on the calendar 1 amendment
Read for the first time and referred to the House of Representatives committee on County and Municipal Government
Source: Alabama Legislature