HB299 Alabama 2011 Session

Summary

Primary Sponsor

Richard Lindsey

Democrat

Session

Regular Session 2011

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 domestic production activities deduction that is equal to a percentage of income earned from domestic production or taxable income, whichever is less.

This bill would limit the Alabama deduction to three percent of qualifying income.

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Subjects

Taxation