HB263 Alabama 2017 Session
Bill Summary
Under existing law, any financial institution that has income from business activity that is taxable both inside of and outside of Alabama must allocate and apportion its income according to the procedure and formula promulgated by administrative rule of the Department of Revenue. For purposes of the financial institution excise tax, the existing administrative rule establishes an apportionment formula based on three equally weighted apportionment factors: property, salaries, and receipts.
This bill would codify the current practice of including loans and credit card receivables as part of the calculation for the property factor of the financial institution excise tax apportionment formula. This bill would specify that the apportionment formula would be applicable to all tax years beginning on or after January 1, 2017.
This bill would specify that the Department of Revenue would promulgate rules consistent with this act.
To amend Section 40-16-4 of the Code of Alabama 1975, as amended by Act 2016-283, relating to financial institutions with income taxed within and outside of the state; to include loans and credit card receivables as part of the calculation for the property factor of the finance institution excise tax apportionment formula; to specify that the apportionment formula would be applicable to all tax years beginning on or after January 1, 2017; and to provide for promulgation of rules by the Department of Revenue.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| April 13, 2017 | H | Delivered to Governor at 9;40 a.m. on April 13, 2017. |
| April 13, 2017 | H | Assigned Act No. 2017-165. |
| April 13, 2017 | H | Clerk of the House Certification |
| April 13, 2017 | S | Signature Requested |
| April 13, 2017 | S | Concurred in Second House Amendment |
| April 11, 2017 | H | Enrolled |
| April 11, 2017 | H | Weaver motion to Concur In and Adopt adopted Roll Call 491 |
| April 11, 2017 | H | Concurrence Requested |
| April 11, 2017 | S | Motion to Read a Third Time and Pass adopted Roll Call 535 |
| April 11, 2017 | S | Pittman motion to Adopt adopted Roll Call 534 |
| April 11, 2017 | S | Pittman Amendment Offered |
| April 11, 2017 | S | Third Reading Passed |
| April 11, 2017 | S | Scofield motion to Carry Over to the Call of the Chair adopted Voice Vote |
| April 11, 2017 | S | Blackwell motion to Table adopted Voice Vote |
| April 11, 2017 | S | Pittman Amendment Offered |
| April 11, 2017 | S | Third Reading Carried Over to Call of the Chair |
| April 6, 2017 | S | Read for the second time and placed on the calendar |
| March 15, 2017 | S | Read for the first time and referred to the Senate committee on Banking and Insurance |
| March 15, 2017 | H | Engrossed |
| March 15, 2017 | H | Motion to Read a Third Time and Pass adopted Roll Call 285 |
| March 15, 2017 | H | Motion to Adopt adopted Roll Call 284 |
| March 15, 2017 | H | Financial Services Amendment Offered |
| March 15, 2017 | H | Third Reading Passed |
| February 23, 2017 | H | Read for the second time and placed on the calendar 1 amendment |
| February 16, 2017 | H | Read for the first time and referred to the House of Representatives committee on Financial Services |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB263 Alabama 2017 Session - Enrolled |
| Bill Text | HB263 Alabama 2017 Session - Engrossed |
| Bill Text | HB263 Alabama 2017 Session - Introduced |
Source: Alabama Legislature