HB347 Alabama 2011 Session

Summary

Primary Sponsor

Artis McCampbell Representative

Democrat

Session

Regular Session 2011

Title

Corporate income tax, net operating loss may be carried forward and allowed as a deduction only by the corporation that sustained the loss, Sec. 40-18-35.1 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 generally provides that an acquiring corporation succeeds to the net operating loss (NOL) carryover of a loss corporation when the assets of the loss corporation are acquired.

This bill would provide that a net operating loss (NOL) may be carried forward and allowed as a deduction only by the corporation that sustained the loss.

Show more Show less

Subjects

Taxation