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.
Ala. Code § 40-18-386
Reductions of Distribution for Education Trust Fund and General Fund.
Known as the Alabama Jobs Act
The act spans §§ 40-18-370 to 40-18-387 (24 sections).
(Act 2019-392, §11.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.