HB451 Alabama 2016 Session
Bill Summary
Under existing law, a financial institution that has income from business activity that is taxable both inside and outside Alabama allocates and apportions its net income pursuant to regulations promulgated by the Department of Revenue. Existing law also requires that these particular rules be substantially the same as the allocation and apportionment formula recommended from time to time by the Multistate Tax Commission, which is a multi-state intergovernmental entity that develops model tax policies for states to consider
This bill would eliminate the requirement that the allocation and apportionment formula prescribed by the Department of Revenue for financial institutions be substantially the same as the allocation and apportionment formula recommended by the Multistate Tax Commission
Relating to financial institution excise tax; to amend Section 40-16-4, Code of Alabama 1975; to eliminate the requirement that the allocation and apportionment formula prescribed by the Department of Revenue for financial institutions be substantially the same as the allocation and apportionment formula recommended by the Multistate Tax Commission.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| May 4, 2016 | H | Delivered to Governor at 11:00 a.m. on May 4, 2016. |
| May 4, 2016 | H | Assigned Act No. 2016-283. |
| May 4, 2016 | H | Clerk of the House Certification |
| May 4, 2016 | S | Signature Requested |
| May 3, 2016 | H | Enrolled |
| May 3, 2016 | H | Passed Second House |
| May 3, 2016 | S | Motion to Read a Third Time and Pass adopted Roll Call 927 |
| May 3, 2016 | S | Third Reading Passed |
| April 21, 2016 | S | Read for the second time and placed on the calendar |
| April 19, 2016 | S | Read for the first time and referred to the Senate committee on Banking and Insurance |
| April 13, 2016 | H | Engrossed |
| April 13, 2016 | H | Motion to Read a Third Time and Pass adopted Roll Call 611 |
| April 13, 2016 | H | Motion to Adopt adopted Roll Call 610 |
| April 13, 2016 | H | Financial Services Amendment Offered |
| April 13, 2016 | H | Third Reading Passed |
| April 7, 2016 | H | Read for the second time and placed on the calendar 1 amendment |
| March 22, 2016 | H | Read for the first time and referred to the House of Representatives committee on Financial Services |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | April 21, 2016 | Room 320 at 08:45 | Senate B&I Hearing |
| Hearing | April 6, 2016 | Room 428 at 09:00 | House FS Hearing |