HB122 Alabama 2020 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2020
Title
Income tax, exclude gains and losses derived from exchange of precious metal bullions from calculation of gross income, Secs. 40-18-14, 40-18-15 am'd.
Description
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
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.
Subjects
Income Tax
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| February 4, 2020 | 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 | HB122 Alabama 2020 Session - Introduced |