HB159 Alabama 2020 Session
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Bill Summary
Sponsors
Session
Regular Session 2020
Title
Credit Unions, financial institution excise tax, taxable income, calculation, reserve for losses deleted, assessment and refunds further provided for tax years prior to 1-1-2020, Act 2019-284, 2019 Reg. Sess., am'd; Sec. 40-16-1.3 am'd.
Description
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
Relating to financial institution excise tax; to update existing law to provide clarification on the calculation of taxable income for credit unions; and to further provide for assessments and refunds.
Subjects
Banks and Banking
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| March 5, 2020 | S | Pending third reading on day 13 Favorable from Banking and Insurance |
| March 5, 2020 | S | Read for the first time and referred to the Senate committee on Banking and Insurance |
| March 12, 2020 | S | Read for the second time and placed on the calendar |
| March 3, 2020 | H | Motion to Read a Third Time and Pass adopted Roll Call 184 |
| March 3, 2020 | H | Third Reading Passed |
| February 20, 2020 | H | Read for the second time and placed on the calendar |
| February 6, 2020 | H | Read for the first time and referred to the House of Representatives committee on Financial Services |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | March 11, 2020 | Room 320 **Two Bills Taken off the Agenda** at 14:30 | Senate B&I Hearing |
| Hearing | March 11, 2020 | Room 320 at 14:30 | Senate B&I Hearing |
| Hearing | February 19, 2020 | Room 617 at 09:00 | House FS Hearing |
| Hearing | February 12, 2020 | at 00:00 | House FS Hearing |
| Hearing | February 12, 2020 | Room 617 at 09:00 | House FS Hearing |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB159 Alabama 2020 Session - Introduced |