SB416 Summary

• Amends Section 40-26B-9 of the Alabama Code to allow pharmaceutical service providers to receive direct refunds of unused supplemental privilege tax credits.

• Pharmaceutical service providers who collected and remitted supplemental privilege tax prior to August 30, 2016, are entitled to credits against future taxes on pharmaceutical services beginning October 1, 2016.

• On or after October 1, 2019, providers with unused credit remaining may petition the Department of Revenue for a refund of the remaining credit balance without interest.

• The Department of Revenue must establish procedures to implement the refund petition process.

• The act becomes effective immediately upon passage and approval by the Governor.