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  1. Bama Politics
  2. Alabama
  3. Alabama House & Senate Bills
  4. 2019 Alabama Legislative Regular Session
  5. 2019 Alabama House Bills
  6. HB419 Alabama 2019 Session

HB419 Alabama 2019 Session

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Signed by Governor

Bill Summary

Sponsors
  • Kyle South
Session
Regular Session 2019
Title
Taxation, Financial Institution Excise Tax Reform Act of 2019, tax procedure further provided, Secs. 40-16-1, 40-16-3, 40-16-6 am'd.
Description

Under existing law, a financial institution doing business in Alabama is subject to the Alabama financial institution excise tax. Financial institutions operating in Alabama and other states are required to allocate and apportion their income to Alabama. Existing law provides for annual distributions of the financial institution excise tax to certain counties, municipalities, and the general fund

This bill establishes the Financial Institution Excise Tax Reform Act of 2019 which updates existing financial institution excise tax statutes to provide clarification and codify the current excise tax procedures. This bill also transitions the financial institution excise tax from a post-payment system to a pre-payment system by imposing estimated financial institution excise tax payments. In addition, an alternate distribution formula is provided for counties and municipalities to transition from yearly to quarterly distributions

Relating to financial institution excise tax; to establish the Financial Institution Excise Tax Reform Act of 2019; to provide for an estimated payment system; to provide for an alternate distribution formula to pay the counties and municipalities on a quarterly basis as opposed to a yearly basis; to update existing law to provide clarification and reflect current policies and procedures.

Subjects
Taxation

Bill Actions

Action DateChamberAction
May 22, 2019HDelivered to Governor at 2:45 p.m. on May 22, 2019.
May 22, 2019HAssigned Act No. 2019-284.
May 22, 2019HClerk of the House Certification
May 22, 2019SSignature Requested
May 21, 2019HEnrolled
May 21, 2019HPassed Second House
May 21, 2019SMotion to Read a Third Time and Pass adopted Roll Call 957
May 21, 2019SThird Reading Passed
May 16, 2019SRead for the second time and placed on the calendar
May 8, 2019HEngrossed
May 8, 2019SRead for the first time and referred to the Senate committee on Banking and Insurance
May 8, 2019HMotion to Read a Third Time and Pass adopted Roll Call 573
May 8, 2019HMotion to Adopt adopted Roll Call 572
May 8, 2019HSouth Amendment Offered
May 8, 2019HMotion to Adopt adopted Roll Call 571
May 8, 2019HWays and Means General Fund Amendment Offered
May 8, 2019HThird Reading Passed
April 18, 2019HRead for the second time and placed on the calendar 1 amendment
April 11, 2019HRead for the first time and referred to the House of Representatives committee on Ways and Means General Fund

Bill Calendar

TypeDateLocationDescription
HearingMay 16, 2019Room 825 at 09:00Senate B&I Hearing
HearingMay 14, 2019Room 825 *********Meeting CANCELLED****** at 13:45Senate B&I Hearing
HearingMay 14, 2019Room 825 at 13:45Senate B&I Hearing
HearingApril 17, 2019Room 617 at 13:30House W&MGF Hearing

Bill Text

Download HB419 Alabama 2019 Session PDF

Bill Votes

Motion to Read a Third Time and Pass
2019-05-21
Chamber: Senate
Result: Passed
Motion to Read a Third Time and Pass
2019-05-08
Chamber: House
Result: Passed
Motion to Adopt
2019-05-08
Chamber: House
Result: Passed
Motion to Adopt
2019-05-08
Chamber: House
Result: Passed

Bill Documents

TypeLink
Bill Text HB419 Alabama 2019 Session - Enrolled
Bill Text HB419 Alabama 2019 Session - Engrossed
Bill Text HB419 Alabama 2019 Session - Introduced
Bill Amendments House Ways and Means General Fund first Amendment Offered
Bill Amendments House South Amendment Offered
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