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AL HB439
Bill
Status
5/25/2023
Primary Sponsor
David Faulkner
Click for details
AI Summary
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Adds Section 40-18-417.8 to the Alabama Code to allow subsidiaries to claim Growing Alabama Credits issued to parent or holding companies.
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Applies to tax years beginning on or after January 1, 2021, with retroactive effect.
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Requires both the parent or holding company and subsidiary to file as part of an Alabama consolidated return to claim the credit.
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Authorizes the Department of Revenue to adopt rules for implementation and administration of the provision.
Legislative Description
Relating to the Growing Alabama Credit; to add Section 40-18-417.8 to the Code of Alabama 1975; to provide that the credit from a parent or holding company may be claimed by the subsidiary in certain circumstances; and to provide retroactive effect.
Relating to Growing Alabama Credit
Last Action
Enacted
5/25/2023