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  1. Bama Politics
  2. Alabama
  3. Alabama House & Senate Bills
  4. 2021 Alabama Legislative Regular Session
  5. 2021 Alabama House Bills
  6. HB140 Alabama 2021 Session

HB140 Alabama 2021 Session

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Contents hide
  • 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 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

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
February 10, 2021 S Pending third reading on day 6 Favorable from Banking and Insurance
February 10, 2021 S Read for the second time and placed on the calendar
February 9, 2021 S Read for the first time and referred to the Senate committee on Banking and Insurance
February 9, 2021 H Motion to Read a Third Time and Pass adopted Roll Call 22
February 9, 2021 H Third Reading Passed
February 3, 2021 H Read for the second time and placed on the calendar
February 2, 2021 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 February 10, 2021 Room 325 **Added a bill** at 13:00 Senate B&I Hearing
Hearing February 3, 2021 Room 617-AMENDED 2-2-21 at 13:30 House W&MGF Hearing

Bill Text

Download HB140 Alabama 2021 Session PDF

Bill Votes

Motion to Read a Third Time and Pass Roll Call 22
2021-02-09
Chamber: House
Result: Passed
HBIR: Lipscomb motion to Adopt Roll Call 21
2021-02-09
Chamber: House
Result: Passed

Bill Documents

Type Link
Bill Text HB140 Alabama 2021 Session - Introduced
Fiscal Note Fiscal Note - HB140 for Ways and Means General Fund
Fiscal Note Fiscal Note - HB140 for Banking and Insurance
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