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AL HB201
Bill
Status
3/10/2015
Primary Sponsor
Lynn Greer
Click for details
AI Summary
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Repeals Section 40-16-8 of the Code of Alabama 1975 relating to Financial Institution Excise Tax exemptions and credits in its entirety.
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Eliminates the sales and use tax credit currently allowed to financial institution taxpayers subject to the financial institution excise tax.
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Becomes effective for all taxable years beginning after December 31, 2014, following passage and approval by the Governor.
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Includes severability clause providing that if any part of the act is declared invalid or unconstitutional, remaining provisions shall remain in effect.
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Repeals all conflicting laws or parts of laws.
Legislative Description
Taxation, financial institution excise tax, repeal of sales tax credit allowed, Sec. 40-16-8 repealed
Taxation
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund
3/10/2015