Code of Alabama - Title 40: Revenue and Taxation - Section 40-18-386 - THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2019 REGULAR SESSION, EFFECTIVE AUGUST 5, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT

Section 40-18-386 - Reductions of distribution for Education Trust Fund and General Fund.

Notwithstanding the provisions of Section 40-18-376(d)(2), to the extent the investment credit is used to offset an insurance premium tax liability and a portion of the insurance premium taxes are deposited into the Education Trust Fund, the Department of Finance shall adopt rules to ensure that the credit would reduce the distribution for the Education Trust Fund. Thereafter, the credit will reduce the distributions to the state General Fund only.

(Act 2019-392, §11.)

Last modified: May 3, 2021