SB126 Alabama 2011 Session

In Committee

Bill Summary

Sponsors

Tom Whatley

Session

Regular Session 2011

Title

Income tax credit for qualified research and development expenses for financial institutions and businesses, including owners of pass-through businesses, authorized, Secs. 40-18-280, 40-18-281 added; Sec. 40-16-8 am'd.

Description

Under existing law, there are no tax credits extended to businesses and financial institutions for qualified research expenses incurred within the state

This bill would provide a tax credit against state income taxes or financial institution excise taxes for qualified research expenses incurred by businesses, including owners of pass-through businesses, and financial institutions within the state parallel to the federal research and development tax credit

To amend Section 40-16-8 of the Code of Alabama 1975, and to add a new Article 11 to Chapter 18 of Title 40 beginning with Section 40-18-280, Code of Alabama 1975, to provide for research and development tax credits for financial institutions and businesses, including the owners of pass-through businesses, subject to excise or income taxes.

Subjects

Taxation

Bill Actions

Action Date	Chamber	Action
March 1, 2011		Read for the first time and referred to the Senate committee on Finance and Taxation General Fund

Bill Text

Download SB126 Alabama 2011 Session PDF

Bill Documents