Under current 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.
This bill will clarify the calculation of taxable income for credit unions under the Alabama financial institution excise tax law and would further provide for assessments and refunds.
Pending third reading on day 13 Favorable from Banking and Insurance
Read for the first time and referred to the Senate committee on Banking and Insurance
Read for the second time and placed on the calendar
Motion to Read a Third Time and Pass adopted Roll Call 184
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Financial Services
Source: Alabama Legislature