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URL: | http://alisondb.legislature.state.al.us/alison/searchableins truments/2016rs/bills/HB505.htm |
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Depth: | 0 singles |
Size: | 2,431 bytes |
Modified: | 2016-04-07 10:42:50 |
Categories: | -None- |
Title: | HB505 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | 174610-1:n:02/25/2016:LLR/th LRS2016-781 HB505 By Representative Williams (P) RFD Ways and Means Education Rd 1 07-APR-16 SYNOPSIS: Existing law does not allow the suspension of tax credits when the Governor declares proration of the General Fund or the Education Trust Fund or if the General Fund Appropriation Act or the Education Trust Fund Appropriation Act is level funded based on the prior year act. This bill would provide that if the Governor declares proration of the General Fund or the Education Trust Fund or if the General Fund Appropriation Act or the Education Trust Fund Appropriation Act is level funded based on the prior year act, any tax credit earned in the tax year of the taxpayer in which the proration was declared or a level-funded General Fund or Education Fund Appropriations Act is enacted shall be suspended for that tax year. A BILL TO BE ENTITLED AN ACT Relating to tax credits; to provide that if the Governor declares proration of the General Fund or the Education Trust Fund or if the General Fund Appropriation Act or the Education Trust Fund Appropriation Act is level funded based on the prior year act, tax credits earned in that tax year shall be suspended for that tax year. BE IT ENACTED BY THE LEGISLATURE OF ALABAMA: Section 1. If the Governor declares proration of the General Fund or the Education Trust Fund or if the General Fund Appropriation Act or the Education Trust Fund Appropriation Act is level funded based on the prior year act, any tax credit earned in the tax year of the taxpayer in which the proration was declared or the General Fund Appropriation Act or the Education Trust Fund Appropriation Act was level funded, shall be suspended for that tax year. Section 2. This act shall become effective January 1, 2017, following its passage and approval by the Governor, or its otherwise becoming law. Taxation Tax Credits General Fund Education Trust Fund Governor |