SB247 Alabama 2012 Session
Bill Summary
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.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| February 8, 2012 | Read for the first time and referred to the Senate committee on Finance and Taxation Education |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB247 Alabama 2012 Session - Introduced |