HB 419

Signed by Governor

Contents hide

1 Bill Summary
2 Bill Actions
3 Bill Calendar
4 Bill Text
5 Bill Votes
6 Bill Documents

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 Date	Chamber	Action
May 22, 2019	H	Delivered to Governor at 2:45 p.m. on May 22, 2019.
May 22, 2019	H	Assigned Act No. 2019-284.
May 22, 2019	H	Clerk of the House Certification
May 22, 2019	S	Signature Requested
May 21, 2019	H	Enrolled
May 21, 2019	H	Passed Second House
May 21, 2019	S	Motion to Read a Third Time and Pass adopted Roll Call 957
May 21, 2019	S	Third Reading Passed
May 16, 2019	S	Read for the second time and placed on the calendar
May 8, 2019	H	Engrossed
May 8, 2019	S	Read for the first time and referred to the Senate committee on Banking and Insurance
May 8, 2019	H	Motion to Read a Third Time and Pass adopted Roll Call 573
May 8, 2019	H	Motion to Adopt adopted Roll Call 572
May 8, 2019	H	South Amendment Offered
May 8, 2019	H	Motion to Adopt adopted Roll Call 571
May 8, 2019	H	Ways and Means General Fund Amendment Offered
May 8, 2019	H	Third Reading Passed
April 18, 2019	H	Read for the second time and placed on the calendar 1 amendment
April 11, 2019	H	Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund

Bill Calendar

Type	Date	Location	Description
Hearing	May 16, 2019	Room 825 at 09:00	Senate B&I Hearing
Hearing	May 14, 2019	Room 825 *******Meeting CANCELLED**** at 13:45	Senate B&I Hearing
Hearing	May 14, 2019	Room 825 at 13:45	Senate B&I Hearing
Hearing	April 17, 2019	Room 617 at 13:30	House W&MGF Hearing

Type	Link
Bill Text	HB 419 - Enrolled
Bill Text	HB 419 - Engrossed
Bill Text	HB 419 - Introduced
Bill Amendments	House Ways and Means General Fund first Amendment Offered
Bill Amendments	House South Amendment Offered