HB457 Alabama 2012 Session

Currently, homeowners and their property are exposed to potentially damaging and life threatening conditions as a result of hurricanes, tornadoes, other windstorm events, and rising floodwaters

This bill would allow a state income tax deduction of up to a certain amount for state sales tax paid on tangible personal property used to retrofit the legal residence of a taxpayer and would allow a taxpayer to claim a state income tax deduction of up to a certain amount for excess premium paid during the applicable tax year for property and casualty insurance providing coverage for the legal residence of the taxpayer

Relating to state income tax; to allow a state income tax deduction for state sales tax paid on tangible personal property used to retrofit the legal residence of a taxpayer; to allow a taxpayer to claim a state income tax deduction for excess premium paid for property and casualty insurance under certain circumstances; and to repeal Sections 40-18-15.4 and 40-18-15.5, Code of Alabama 1975.