HB224 Alabama 2013 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2013
Title
Corporate income tax, taxable income to include any amounts in excess of federal domestic production activities deduction, Sec. 40-18-34 am'd.
Description
Under existing law, Alabama levies an income tax on corporations. Alabama corporate income tax law is linked to federal corporate income tax law, which allows a temporary increase in the bonus depreciation deduction from fifty percent (50%) to one hundred percent (100%) of the adjusted basis of qualified property pursuant to The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Public Law 111-312)
This bill would limit the Alabama deduction to fifty percent (50%) of the adjusted basis of qualified property
To amend Section 40-18-34, Code of Alabama 1975, to limit the bonus depreciation deduction to fifty percent (50%) of the adjusted basis of qualified property.
Subjects
Taxation
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| February 7, 2013 | H | Read for the first time and referred to the House of Representatives committee on Ways and Means Education |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB224 Alabama 2013 Session - Introduced |