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.