Code of Alabama — Title 40 (Revenue and Taxation)
Ala. Code § 40-16-9
Tax Credits Applied to State Portion of Tax Liability
Notwithstanding any other laws to the contrary, other than the tax credits allowed by Section 40-16-8, any law enacting or amending a tax credit allowed to a financial institution against the financial institution excise tax imposed by this chapter which becomes effective on or after January 1, 2016, shall be applied only to the state portion of the tax liability and shall not offset or reduce the financial institution excise tax distribution made to municipalities and counties pursuant to Section 40-16-6.
This section does not amend, repeal, or supersede any financial institution excise tax credit in effect on December 31, 2015.
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In this chapter (15 sections)
- 40-16-1 · Definitions
- 40-16-1.1 · Taxation of Trust as Financial Institution
- 40-16-1.2 · Additional Items Included in Federal Taxable Income; Items…
- 40-16-1.3 · Net Income of Credit Unions
- 40-16-2 · Production Credit Associations Taxable Under Chapter
- 40-16-3 · Returns
- 40-16-3.1 · Extension of Due Date for Taxpayers of Financial…
- 40-16-4 · Levy; Reporting of Tax; Promulgation of Rules
- 40-16-5 · When Tax Due; Extension of Time for Payment
- 40-16-5.1 · Payment of Estimated Financial Institution Excise Taxes
- 40-16-6 · Remittance and Disposition of Tax
- 40-16-8 · Exemptions and Credits
- 40-16-9 · Tax Credits Applied to State Portion of Tax Liability
- 40-16-10 · Computation of Net Income of Financial Institutions
- 40-16-11 · Transition Rules for Financial Institution Excise Tax Reform…