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.
Structure Code of Alabama
Title 40 - Revenue and Taxation.
Chapter 16 - Financial Institution Excise Tax.
Section 40-16-1 - Definitions.
Section 40-16-1.1 - Taxation of Trust as Financial Institution.
Section 40-16-1.3 - Net Income of Credit Unions.
Section 40-16-2 - Production Credit Associations Taxable Under Chapter.
Section 40-16-4 - Levy; Reporting of Tax; Promulgation of Rules.
Section 40-16-5 - When Tax Due; Extension of Time for Payment.
Section 40-16-5.1 - Payment of Estimated Financial Institution Excise Taxes.
Section 40-16-6 - Remittance and Disposition of Tax.
Section 40-16-8 - Exemptions and Credits.
Section 40-16-9 - Tax Credits Applied to State Portion of Tax Liability.
Section 40-16-10 - Computation of Net Income of Financial Institutions.
Section 40-16-11 - Transition Rules for Financial Institution Excise Tax Reform Act of 2019.