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AL SB355
Bill
Status
3/15/2016
Primary Sponsor
Trip Pittman
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AI Summary
SB355 Summary
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Eliminates the Alabama Real Property Investment Credit that previously allowed insurers a credit of 0.10 percent per $1,000,000 in Alabama real property investments, capped at 1 percent of premiums.
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Replaces the Alabama Insurance Offices Facilities Credit with an "Alabama Insurance Company Employees Credit" based on the number of full-time employees working minimum 30 hours per week, with credits ranging from 0.0025% (1-3 employees) to 1.00% (400+ employees).
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Maintains a cap of $2,000,000 annually on total dollar tax credits per insurance carrier including affiliates, and allows credits to be secured for a period of ten years.
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Becomes effective January 1, 2017.
Legislative Description
Insurance, premium tax on insurance premiums, credits for certain employees altered, Alabama real property investment credit eliminated, insurance office facility credit eliminated, Sec. 27-4A-3 am'd.
Insurance
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation General Fund
3/15/2016