HB140 Alabama 2021 Session
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Bill Summary
Sponsors
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
Bill Votes
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 |