HB515
167532-1:n:04/13/2015:KMS*/th LRS2015-1556 HB515 By Representative Davis RFD Ways and Means Education Rd 1 21-APR-15 SYNOPSIS: Under existing law, taxpayers are allowed a tax deduction for contributions made to a catastrophe savings account. This bill would create the Homeowner's Insurance Catastrophic Event Planning Act. This bill would make technical corrections to remove ambiguities and increase the amount of the tax deduction. A BILL TO BE ENTITLED AN ACT To amend Sections 40-18-311 and 40-18-312, Code of Alabama 1975, relating to the state tax deduction granted to taxpayers for contributions made to a catastrophe savings account; to provide an increase in the state tax deduction awarded to taxpayers who made contributions to a catastrophe savings account; and to make technical corrections to remove ambiguities. BE IT ENACTED BY THE LEGISLATURE OF ALABAMA: Section 1. Sections 40-18-311 and 40-18-312, Code of Alabama 1975, as amended by this act, shall be known and may be cited as...
alisondb.legislature.state.al.us/...bleinstruments/2015rs/bills/HB515.htm - 5K - Match Info - Similar pages
SB117
SB117 ENGROSSED By Senators Hightower, Glover and Albritton A BILL TO BE ENTITLED AN ACT To amend Sections 40-18-311 and 40-18-312, Code of Alabama 1975, relating to the state tax deduction granted to taxpayers for contributions made to a catastrophe savings account; to provide an increase in the state tax deduction awarded to taxpayers who made contributions to a catastrophe savings account; and to make technical corrections to remove ambiguities. BE IT ENACTED BY THE LEGISLATURE OF ALABAMA: Section 1. Sections 40-18-311 and 40-18-312, Code of Alabama 1975, as amended by this act, shall be known and may be cited as the Homeowner's Insurance Catastrophic Event Planning Act.Section 2. Sections 40-18-311 and 40-18-312 of the Code of Alabama 1975, are amended to read as follows: §40-18-311. "(a) An individual taxpayer is allowed a deduction against income earned for state income tax purposes imposed pursuant to Section 40-18-5, for amounts equal to two times the amount contributed to a...
alisondb.legislature.state.al.us/...bleinstruments/2015rs/bills/SB117.htm - 5K - Match Info - Similar pages
SB9
164216-1:n:01/20/2015:LLR/th LRS2015-226 SB9 By Senator Sanford RFD Finance and Taxation Education Rd 1 03-MAR-15 SYNOPSIS: Under existing law, health savings account contributions are not exempt from state income taxation. This bill would provide that health savings account contributions would be exempt from state income tax. A BILL TO BE ENTITLED AN ACT To amend Section 40-18-19, Code of Alabama 1975, relating to exemptions from state income tax; to provide that health savings account contributions would be exempt from state income tax. BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:Section 1. Section 40-18-19, Code of Alabama 1975, is amended to read as follows: §40-18-19. "(a) The following exemptions from income taxation shall be allowed to every individual resident taxpayer: "(1) Retirement allowances, pensions and annuities, or optional allowances, approved by the Board of Control of the Teachers' Retirement System of Alabama, which exempt status is set out in Section 16-25-23....
alisondb.legislature.state.al.us/...hableinstruments/2015rs/bills/SB9.htm - 9K - Match Info - Similar pages
HB70
163694-1:n:12/01/2014:LLR/th LRS2014-3635 HB70 By Representative Williams (P) RFD Ways and Means Education Rd 1 03-MAR-15 SYNOPSIS: Under existing law, health savings account contributions are not exempt from state income taxation. This bill would provide that health savings account contributions would be exempt from state income tax. A BILL TO BE ENTITLED AN ACT To amend Section 40-18-19, Code of Alabama 1975, relating to exemptions from the levy of state income tax; to provide that health savings account contributions would be exempt from state income tax. BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:Section 1. Section 40-18-19, Code of Alabama 1975, is amended to read as follows: §40-18-19. "(a) The following exemptions from income taxation shall be allowed to every individual resident taxpayer: "(1) Retirement allowances, pensions and annuities, or optional allowances, approved by the Board of Control of the Teachers' Retirement System of Alabama, which exempt status is set out in...
alisondb.legislature.state.al.us/...ableinstruments/2015rs/bills/HB70.htm - 8K - Match Info - Similar pages
HB274
165243-1:n:03/11/2015:LF0-HP*/bdl HB274 By Representatives Johnson (K), Davis, McCutcheon, Hill (M), Weaver, South, Butler, Williams (P), Faulkner, Collins and Baker RFD Ways and Means Education Rd 1 12-MAR-15 SYNOPSIS: Currently, the State of Alabama's college savings program pursuant to Section 529 of the Internal Revenue Code of 1986, as amended, is the Wallace-Folsom College Savings Investment Plan that consists of the Alabama College Education Savings (ACES) Program and the Alabama Prepaid Affordable College Tuition (PACT) Program to assist individuals in paying costs and expenses of attending colleges and universities. Recently, the Achieving a Better Life Experience (ABLE) Act of 2014 established Section 529A of the Internal Revenue Code of 1986, as amended, to allow families and individuals to save for disability-related expenses of a disabled individual in a federal tax-advantaged account modeled after Section 529 of the Internal Revenue Code of 1986, as amended, to be...
alisondb.legislature.state.al.us/...bleinstruments/2015rs/bills/HB274.htm - 41K - Match Info - Similar pages
HB476
166499-1:n:03/31/2015:LFO-KF/ccd HB476 By Representatives Knight, Scott, Robinson and Rogers RFD Ways and Means Education Rd 1 09-APR-15 SYNOPSIS: Under current law, the state levies an income tax upon all residents of the state and upon all nonresidents who receive income from Alabama sources. Taxpayers are allowed standard deductions and personal exemptions in computing income subject to the tax. This bill proposes the Alabama Individual Income Tax Reform Act of 2015. This bill, which would be contingent upon the ratification of a constitutional amendment to repeal the deduction of federal income tax payments on Alabama income tax returns, would increase the standard deductions and personal exemptions allowed for Alabama income tax purposes to the amounts allowed for federal income tax purposes. This bill also creates a state earned income tax credit. A BILL TO BE ENTITLED AN ACT To amend Sections 40-18-15 and 40-18-19, Code of Alabama 1975, relating to income tax deductions and...
alisondb.legislature.state.al.us/...bleinstruments/2015rs/bills/HB476.htm - 26K - Match Info - Similar pages
SB226
SB226 By Senators Brewbaker, Melson, Dunn, Whatley, Glover, Figures, Hightower, Smitherman, Orr, Stutts, Ross, Pittman, Reed, Ward, Williams, Allen, Smith, Albritton, Singleton, Waggoner, Chambliss, Holley, Marsh, McClendon, Blackwell, Beasley, Scofield and Bussman ENROLLED, An Act, This bill would amend Sections 16-33C-1, 16-33C-2, 16-33C-2.1, 16-33C-3, 16-33C-4, 16-33C-5, 16-33C-10, 16-33C-11, 16-33C-12, and 40-18-19, Code of Alabama 1975 to rename the Wallace-Folsom College Savings Investment Plan to the Wallace-Folsom Savings Investment Plan; to provide for the ABLE Program; provide for definitions relating to the ABLE Program; provide for the income tax exemption eligible to the ABLE Program; allow board members that are employed by the state. This bill would add new sections to the Code of Alabama 1975, to generally provide for the ABLE Program; provide for the investment of ABLE and ACES Programs; and provide appropriations for Fiscal Year 2015 for development and...
alisondb.legislature.state.al.us/...bleinstruments/2015rs/bills/SB226.htm - 40K - Match Info - Similar pages
HB142
164990-1::03/03/2015:EBO-MEJ/mej HB142 By Representative Hill (M) RFD Ways and Means Education Rd 1 05-MAR-15 SYNOPSIS: Under current law, each entity, subject to the Alabama corporate income tax, is required to file a separate return and calculate the income tax on its separately accounted for taxable income, regardless whether the entity is part of a larger business that consists of an affiliated group of entities. This filing method allows large corporate taxpayers to take advantage of tax planning options to shift income to other entities within the affiliated group located in tax favorable states. Most large corporate businesses consist of a parent corporation and a number of corporate subsidiaries. This bill would amend the corporate income tax law to require the operations of all related entities, involved in a unitary business, file one corporate income tax return on a combined basis, known as combined reporting. A BILL TO BE ENTITLED AN ACT To amend the corporate income tax...
alisondb.legislature.state.al.us/...bleinstruments/2015rs/bills/HB142.htm - 62K - Match Info - Similar pages
HB581
166667-1:n:03/31/2015:LFO-RR*/bdl HB581 By Representative Beech RFD Ways and Means General Fund Rd 1 30-APR-15 SYNOPSIS: Under current law, all entities doing business or registered to do business in Alabama, have an annual filing obligation for Business Privilege Tax. The Business Privilege Tax is calculated based on an entitys net worth, apportioned to Alabama. There is a minimum of $100 Business Privilege Tax imposed annually on all entities subject to this tax. Currently, most taxpayers have an annual maximum Business Privilege Tax due of $15,000. The Business Privilege Tax rate is determined by the taxpayers federal taxable income, apportioned to Alabama. In addition, under current law, the Business Privilege Tax due date for financial institutions is March 15. The Alabama Excise Tax return filed by financial institutions is due April 15. Taxpayers often need to extend the filing date of the Business Privilege Tax in order to have complete information not available until the...
alisondb.legislature.state.al.us/...bleinstruments/2015rs/bills/HB581.htm - 24K - Match Info - Similar pages
SB111
SB111 By Senator Orr ENROLLED, An Act, To establish the Alabama Transportation Infrastructure Bank; to specify the membership, powers, duties, terms, sources for capitalization, and liability of the bank; to provide for the redistribution of a portion of gasoline tax revenues and motor vehicle registration fee revenues; to provide procedures for the issuance of loans and other financial assistance to certain government entities for certain qualified projects; to provide authority for the bank to issue certain bonds under certain conditions; to require the bank to report annually to the Governor and the Legislature. BE IT ENACTED BY THE LEGISLATURE OF ALABAMA: Section 1. This act shall be cited as the Alabama Transportation Infrastructure Bank Act. Section 2. For the purposes of this act, the following words shall have the following meanings: (1) BANK. The Alabama Transportation Infrastructure Bank. (2) BOARD. The board of directors of the bank. (3) BONDS. Includes bonds, notes, or...
alisondb.legislature.state.al.us/...bleinstruments/2015rs/bills/SB111.htm - 34K - Match Info - Similar pages
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