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HB353
205816-1:n:02/27/2020:LSA-KF/jmb HB353 By Representative Garrett RFD Ways and Means Education
Rd 1 27-FEB-20 SYNOPSIS: Under existing law, financial institutions are taxed at a rate of
six and one-half percent of net income and allowed to deduct federal income taxes paid or
accrued during the taxpayers tax year. Under existing law, corporate income taxpayers are
taxed at a rate equal to six and one-half percent of taxable income and allowed to deduct
federal income taxes paid or accrued within the year. Under existing law, the apportionment
factor for most corporate income taxpayers is calculated using a three-factor apportionment
formula, with the sales factor double-weighted. The 2017 federal Tax Cuts and Jobs Act eliminated
or limited business deductions and created new classes of income for corporate income taxpayers.
Since Alabama is a rolling conformity state, Alabama automatically conforms to many of the
federal tax changes without new legislation. This bill would decrease the...
alisondb.legislature.state.al.us/alison/searchableinstruments/2020RS/bills/HB353.htm - 73K - Match Info - Similar pages
HB122
203857-1:n:01/21/2020:PMG*/tj LSA2019-3160 HB122 By Representative Sorrell RFD Ways and Means
Education Rd 1 04-FEB-20 SYNOPSIS: This bill would exclude from gross income of individuals
the net capital gain derived from the exchange of precious metal bullion. This bill would
also include as a deduction of individuals from gross income the net capital loss derived
from the exchange of precious metal bullion. A BILL TO BE ENTITLED AN ACT Relating to state
income tax as for individuals; to amend Sections 40-18-14 and 40-18-15, Code of Alabama 1975;
to exclude net capital gains and losses derived from the exchange of precious metal bullion
from state income taxes. BE IT ENACTED BY THE LEGISLATURE OF ALABAMA: Section 1. This act
shall be known and may be cited as the Sound Money Tax Neutrality Act.Section 2. Sections
40-18-14 and 40-18-15, Code of Alabama 1975, are amended to read as follows: §40-18-14. "The
term "gross income" as used herein: "(1) Includes gains, profits and income...
alisondb.legislature.state.al.us/alison/searchableinstruments/2020RS/bills/HB122.htm - 24K - Match Info - Similar pages
SB250
205816-1:n:02/27/2020:LSA-KF/jmb SB250 By Senators Roberts and Marsh RFD Finance and Taxation
Education Rd 1 27-FEB-20 SYNOPSIS: Under existing law, financial institutions are taxed at
a rate of six and one-half percent of net income and allowed to deduct federal income taxes
paid or accrued during the taxpayers tax year. Under existing law, corporate income taxpayers
are taxed at a rate equal to six and one-half percent of taxable income and allowed to deduct
federal income taxes paid or accrued within the year. Under existing law, the apportionment
factor for most corporate income taxpayers is calculated using a three-factor apportionment
formula, with the sales factor double-weighted. The 2017 federal Tax Cuts and Jobs Act eliminated
or limited business deductions and created new classes of income for corporate income taxpayers.
Since Alabama is a rolling conformity state, Alabama automatically conforms to many of the
federal tax changes without new legislation. This bill would...
alisondb.legislature.state.al.us/alison/searchableinstruments/2020RS/bills/SB250.htm - 73K - Match Info - Similar pages
HB107
204343-1:n:01/28/2020:LSA-JS/ccd HB107 By Representative Greer RFD Ways and Means Education
Rd 1 04-FEB-20 SYNOPSIS: Currently, distributions from defined contribution deferred compensation
plans are taxable as income. This bill would provide that 90 percent of those distributions,
up to $30,000, is exempt from income tax for individuals who are 65 years old or older. This
exemption will be phased in over a ten-year period. A BILL TO BE ENTITLED AN ACT To amend
Section 40-18-19, Code of Alabama 1975, relating to exemptions from state income taxation;
to provide that 90 percent of the distribution from a defined contribution deferred compensation
plan, up to $30,000, is exempt from state income tax for individuals who are 65 years old
or older; and to phase in the exemption over a ten-year period. 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...
alisondb.legislature.state.al.us/alison/searchableinstruments/2020RS/bills/HB107.htm - 10K - Match Info - Similar pages
HB108
204342-1:n:01/28/2020:LSA-JS/ccd HB108 By Representative Greer RFD Ways and Means Education
Rd 1 04-FEB-20 SYNOPSIS: Currently, distributions from defined contribution deferred compensation
plans are taxable as income. This bill would provide that 80 percent of those distributions,
up to $20,000, is exempt from income tax for individuals who are 65 years old or older. This
exemption will be phased in over a ten-year period. A BILL TO BE ENTITLED AN ACT To amend
Section 40-18-19, Code of Alabama 1975, relating to exemptions from state income taxation;
to provide that 80 percent of the distribution from a defined contribution deferred compensation
plan, up to $20,000, is exempt from state income tax for individuals who are 65 years old
or older; and to phase in the exemption over a ten-year period. 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...
alisondb.legislature.state.al.us/alison/searchableinstruments/2020RS/bills/HB108.htm - 10K - Match Info - Similar pages
HB109
203639-5:n:01/30/2020:LSA-JP*/jmb HB109 By Representatives Garrett, Sanderford, McMillan and
Scott RFD Ways and Means Education Rd 1 04-FEB-20 SYNOPSIS: This bill would establish the
Alabama Research and Development Act that would provide for a research and development tax
credit to certain Alabama companies. The credit would be based on in-house research, contracted
research expenses conducted in Alabama, and consortium research expenses for qualified research
conducted in Alabama. This bill would limit the Alabama Research and Development tax credits
to no more than $25 million of credits for research and development expenses in any calendar
year; and no eligible company or business could claim more than 20 percent in a single tax
year. A BILL TO BE ENTITLED AN ACT To enact the Alabama Research and Development Act; to allow
a research and development tax credit for qualified research expenses in Alabama; to provide
that no more than $20 million of tax credits for major research and...
alisondb.legislature.state.al.us/alison/searchableinstruments/2020RS/bills/HB109.htm - 16K - Match Info - Similar pages
HB4
200313-1:n:04/30/2019:LFO-KF**/jmb HB4 By Representative Holmes RFD Fiscal Responsibility Rd
1 04-FEB-20 SYNOPSIS: This bill would repeal various state taxes and levy instead a comprehensive
consumption tax. A BILL TO BE ENTITLED AN ACT To repeal the following provisions of the Code
of Alabama 1975: Chapter 18 of Title 40, Sections 40-27-1.1, and 40-31-1-through 40-31-4,
regarding the income tax; Chapter 9F of Title 40, regarding the tax credits for rehabilitation
of historic structures; Chapter 16 of Title 40, regarding the financial institutions excise
tax; Chapter 14 of Title 40, regarding the corporation tax; Sections 40-14A-1 through 40-14A-2,
40-14A-21 through 40-14A-29, and 40-14A-41 through 40-14A-43, regarding the business privilege
tax; Chapter 23 of Title 40, regarding the sales and use and contractors gross receipts
taxes; Sections 40-15-1 through 40-15-19, regarding estate and gift tax; Sections 40-15A-1
through 40-15A-14, regarding the generation-skipping transfer tax;...
alisondb.legislature.state.al.us/alison/searchableinstruments/2020RS/bills/HB4.htm - 111K - Match Info - Similar pages
SB144
204388-2:n:02/06/2020:LSA-JS/jmb SB144 By Senator Jones RFD Finance and Taxation Education
Rd 1 06-FEB-20 SYNOPSIS: Under existing law, individual income taxpayers are allowed to deduct
the amount of federal income taxes paid or accrued within the year. This bill would amend
Amendment 225 to the Constitution of Alabama of 1901, now appearing as Section 211.04 of the
Official Recompilation of the Constitution of Alabama of 1901, as amended; to limit the amount
of federal income taxes paid or accrued an individual income taxpayer can deduct to a maximum
of $6,000 for individuals filing as single, head of household, and married filing separately
and $12,000 for individuals filing as married filing joint. Under existing law, the state
imposes sales or use taxes upon certain persons, firms, or corporations. Sales of certain
items are taxed at a reduced rate. Sales of other items are exempt from the taxes. This bill
would exempt sales of food from state sales and use taxes beginning October...
alisondb.legislature.state.al.us/alison/searchableinstruments/2020RS/bills/SB144.htm - 5K - Match Info - Similar pages
SB342
206855-1:n:04/17/2020:KF/cr SB342 By Senator Elliott RFD Finance and Taxation Education Rd
1 04-MAY-20 SYNOPSIS: This bill would provide for an exclusion from Alabama taxation for any
federal tax credits, advance refunds, or loan forgiveness resulting from the federal Coronavirus
Aid, Relief, and Economic Security Act. A BILL TO BE ENTITLED AN ACT To provide for an exclusion
from Alabama tax for federal tax credits, advance refunds, or loan forgiveness received from
the federal Coronavirus Aid, Relief, and Economic Security Act. BE IT ENACTED BY THE LEGISLATURE
OF ALABAMA: Section 1. (a) Any tax credits or advance refund amounts received as a result
of the federal Coronavirus Aid, Relief, and Economic Security Act shall be excluded from Alabama
individual income taxation. (b) For taxable year 2020, any tax credits or advance refund amounts
received as a result of the federal Coronavirus Aid, Relief, and Economic Security Act shall
also be excluded from any and all calculations in...
alisondb.legislature.state.al.us/alison/searchableinstruments/2020RS/bills/SB342.htm - 2K - Match Info - Similar pages
HB352
205641-1:n:02/27/2020:LSA-JS/jmb HB352 By Representative Garrett RFD Ways and Means Education
Rd 1 27-FEB-20 SYNOPSIS: Under existing law, corporate taxpayers are allowed to deduct federal
income taxes paid or accrued within the year. Corporate taxpayer income is taxed at a rate
of six and one-half percent. This bill would propose an amendment to Amendment 212 of the
Constitution of Alabama of 1901, as amended by Amendment 662 of the Constitution of Alabama
of 1901, now appearing as Section 211.03 of the Official Recompilation of the Constitution
of Alabama of 1901, as amended, to provide that the income tax rate for corporations shall
be four and three-quarters percent unless reduced by the Legislature. This amendment would
also eliminate the federal income tax deduction for corporate taxpayers. A BILL TO BE ENTITLED
AN ACT Proposing an amendment to the Constitution of Alabama of 1901, as amended; to amend
Amendment 212 to the Constitution of Alabama of 1901, as amended by Amendment...
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