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AL HB80
Bill
Status
3/7/2023
Primary Sponsor
Steve Clouse
Click for details
AI Summary
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Adds occupancy requirement to Alabama Real Property Investment Credit, limiting the credit to improved Alabama real property that is occupied or otherwise in commercial use for a majority of the taxable year.
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Effective for all taxable years beginning after December 31, 2023.
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Makes technical and nonsubstantive revisions to update existing code language to current style formatting.
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Allows the Department of Insurance to adopt rules implementing the provisions of the act.
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Becomes effective on the first day of the third month following passage and approval by the Governor.
Legislative Description
Relating to the Insurance Premium Tax; to amend Section 27-4A-3, Code of Alabama 1975, to provide further for real property investments to qualify for the Alabama Real Property Investment Credit; and to make nonsubstantive, technical revisions to update the existing code language to current style.
Insurance Premium Tax, Amended Real Property Investment Credit
Last Action
Introduced and Referred to House Ways and Means General Fund
3/7/2023