HB300 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 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.

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Subjects

Taxation