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AL HB263
Bill
Status
4/13/2017
Primary Sponsor
Ken Johnson
Click for details
AI Summary
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Amends Section 40-16-4 of the Alabama Code to require inclusion of loans and credit card receivables as part of the property factor in the financial institution excise tax apportionment formula.
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Requires that loans and credit card receivables be sourced to Alabama using the same sourcing methods applied to interest receipts from those same loans and receivables.
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Effective for all tax years beginning on or after January 1, 2017.
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Directs the Department of Revenue to promulgate implementing rules within 120 days of the act's effective date in accordance with the Alabama Administrative Procedures Act.
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Includes a sunset provision allowing the Department of Revenue to modify rules by December 31, 2030 if a majority of states (including two states bordering Alabama) exclude loans and credit card receivables from their property definitions.
Legislative Description
Taxation, financial institutions excise tax, formula for apportioning income from business activity inside and outside state, loans and credit cards receivables included as property in this state, Sec. 40-16-4 am'd.
Taxation
Last Action
Delivered to Governor at 9;40 a.m. on April 13, 2017.
4/13/2017