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  1. Bama Politics
  2. Alabama
  3. Alabama House & Senate Bills
  4. 2016 Alabama Legislative Regular Session
  5. 2016 Alabama House Bills
  6. HB451 Alabama 2016 Session

HB451 Alabama 2016 Session

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Signed by Governor

Bill Summary

Sponsors
  • Oliver Robinson
Session
Regular Session 2016
Title
Financial institution excise tax, allocation and apportionment formula prescribed by Dept. of Revenue, revised, Sec. 40-16-4 am'd.
Description

Under existing law, a financial institution that has income from business activity that is taxable both inside and outside Alabama allocates and apportions its net income pursuant to regulations promulgated by the Department of Revenue. Existing law also requires that these particular rules be substantially the same as the allocation and apportionment formula recommended from time to time by the Multistate Tax Commission, which is a multi-state intergovernmental entity that develops model tax policies for states to consider

This bill would eliminate the requirement that the allocation and apportionment formula prescribed by the Department of Revenue for financial institutions be substantially the same as the allocation and apportionment formula recommended by the Multistate Tax Commission

Relating to financial institution excise tax; to amend Section 40-16-4, Code of Alabama 1975; to eliminate the requirement that the allocation and apportionment formula prescribed by the Department of Revenue for financial institutions be substantially the same as the allocation and apportionment formula recommended by the Multistate Tax Commission.

Subjects
Financial Institutions

Bill Actions

Action DateChamberAction
May 4, 2016HDelivered to Governor at 11:00 a.m. on May 4, 2016.
May 4, 2016HAssigned Act No. 2016-283.
May 4, 2016HClerk of the House Certification
May 4, 2016SSignature Requested
May 3, 2016HEnrolled
May 3, 2016HPassed Second House
May 3, 2016SMotion to Read a Third Time and Pass adopted Roll Call 927
May 3, 2016SThird Reading Passed
April 21, 2016SRead for the second time and placed on the calendar
April 19, 2016SRead for the first time and referred to the Senate committee on Banking and Insurance
April 13, 2016HEngrossed
April 13, 2016HMotion to Read a Third Time and Pass adopted Roll Call 611
April 13, 2016HMotion to Adopt adopted Roll Call 610
April 13, 2016HFinancial Services Amendment Offered
April 13, 2016HThird Reading Passed
April 7, 2016HRead for the second time and placed on the calendar 1 amendment
March 22, 2016HRead for the first time and referred to the House of Representatives committee on Financial Services

Bill Calendar

TypeDateLocationDescription
HearingApril 21, 2016Room 320 at 08:45Senate B&I Hearing
HearingApril 6, 2016Room 428 at 09:00House FS Hearing

Bill Text

Download HB451 Alabama 2016 Session PDF

Bill Votes

Motion to Read a Third Time and Pass
2016-05-03
Chamber: Senate
Result: Passed
Motion to Read a Third Time and Pass
2016-04-13
Chamber: House
Result: Passed
Motion to Adopt
2016-04-13
Chamber: House
Result: Passed

Bill Documents

TypeLink
Bill Text HB451 Alabama 2016 Session - Introduced
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