(a) Notwithstanding subsection (f) of Section 40-18-417.4, for tax years beginning on or after January 1, 2021, the credit issued to a parent or holding company may be claimed by the subsidiary, provided both parent or holding company and subsidiary are filing as part of an Alabama consolidated return. (b) The Department of Revenue may adopt rules for the implementation and administration of this section.
Ala. Code § 40-18-417.8
Claiming of Credit by Subsidiary of Parent or Holding Company in Certain Circumstances.
Known as the Growing Alabama Act
The act spans §§ 40-18-417 to 40-18-417.9 (10 sections).
(Act 2023-313, §1.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.