HB277 Summary

• Repeals the Alabama Insurance Offices Facilities Credit, which allowed insurers to claim credits of 0.0025% to 0.0100% of Alabama premiums based on the number of full-time employees in state offices, with a maximum 1% cap.

• Repeals the Alabama Real Property Investment Credit, which provided insurers a 0.10% credit per $1,000,000 in Alabama real property investments, with a maximum 1% cap.

• Repeals credits for ad valorem property taxes paid by insurers on buildings, real estate, and office space in Alabama, as well as credits for franchise or privilege taxes paid to the state.

• Effective for all taxable years beginning after December 31, 2015, upon passage and approval by the Governor.