FI Excise Tax Overhaul passes AL Senate

The LSCU Advocacy team announced HB 419, the Financial Institution Excise Tax overhaul, was passed by the full Senate in Alabama on Tuesday afternoon.  The legislation was passed with the language securing state-chartered credit unions’ ability to subtract necessary deductions.  The legislation now heads to Gov. Kay Ivey’s desk where it is expected to be […]

The LSCU Advocacy team announced HB 419, the Financial Institution Excise Tax overhaul, was passed by the full Senate in Alabama on Tuesday afternoon.  The legislation was passed with the language securing state-chartered credit unions’ ability to subtract necessary deductions.  The legislation now heads to Gov. Kay Ivey’s desk where it is expected to be signed into Alabama law.

LSCU will continue to follow this breaking story and provide you with more information as it becomes available. If you have any questions, please feel free to contact the LSCU Advocacy staff directly.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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