HB140 Alabama 2021 Session

Updated Apr 18, 2021

HB140 Alabama 2021 Session

House Bill

Enacted

Current Status

Regular Session 2021

Session

1

Sponsor

Summary

Primary Sponsor

Session

Regular Session 2021

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.

Subjects

Banks and Banking

Bill Actions

Delivered to Governor at 9:46 a.m. on March 18, 2021.

Assigned Act No. 2021-128.

Clerk of the House Certification

Signature Requested

Enrolled

Passed Second House

Motion to Read a Third Time and Pass adopted Roll Call 629

Third Reading Passed

Read for the second time and placed on the calendar

Read for the first time and referred to the Senate committee on Banking and Insurance

Motion to Read a Third Time and Pass adopted Roll Call 22

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 Ways and Means General Fund

Bill Text

Download HB140 Alabama 2021 Session PDF

Votes

Yes 99

Absent 5

Yes 99

Absent 5

Yes 28

Absent 6

Yes 27

No 1

Absent 6

Documents

Bill Text (Enrolled) HB140 Alabama 2021 Session - Enrolled

Bill Text (Introduced) HB140 Alabama 2021 Session - Introduced

Source: Alabama Legislature