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AL SB163
Bill
Status
3/5/2015
Primary Sponsor
Jimmy Holley
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AI Summary
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Amends Section 41-9-219.2 of the Alabama Code to modify the annual tax credit cap for the Alabama New Markets Development Act.
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Permits the Governor to issue an executive order authorizing an additional $5 million in tax credits beyond the existing $20 million annual cap.
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The $5 million additional allocation can be provided in any tax year when the initial $20 million cap is reached.
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Becomes effective for all taxable years beginning after December 31, 2015, following passage and Governor approval.
Legislative Description
Tax Credits, Alabama New Markets Development Act, limitations revised, allocation of tax credits further provided for, Sec. 41-9-219.2 am'd.
Taxation
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation Education
3/5/2015