HB159 Alabama 2020 Session

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

Bill Summary

Sponsors

Craig Lipscomb

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

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