Alabama Code 40-16-9. Tax credits applied to state portion of tax liability
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Terms Used In Alabama Code 40-16-9
- state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
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.