Alabama § 40-18-386 Reductions of Distribution for Education Trust Fund and General Fund

Alabama Statutes

§ 40-18-386 — Reductions of Distribution for Education Trust Fund and General Fund

Alabama·Title 40 Revenue and Taxation·Ch. 18 Income Taxes·Art. 16 Alabama Jobs Act

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.

Free access — add to your briefcase to read the full text and ask questions with AI

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.

Alabama § 40-18-386 (Reductions of Distribution for Education Trust Fund and General Fund) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.