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AL HB435
Bill
Status
3/10/2020
Primary Sponsor
David Wheeler
Click for details
AI Summary
HB435 Summary
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Expands the Alabama Insurance Offices Facilities Credit to include offices used by licensed producers for insurance operations, in addition to offices owned or leased by insurers.
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Broadens the definition of "affiliate" to include licensed producers appointed by an insurer, enabling them to be counted toward economic development tax credits.
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Allows insurers to aggregate premiums, office facilities, and Alabama real property investments across affiliates when calculating total allowable tax credits up to specified limits.
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Effective for all taxable years beginning after December 31, 2020, upon passage and approval by the Governor.
Legislative Description
Insurance premium tax credits, to expand the Alabama Insurance Offices Facilities Credit for certain activities, to expand who can be an affiliate, Sec. 27-4A-3 am'd.
Insurance Premium Tax
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund
3/10/2020