HB457 Alabama 2012 Session

Summary

Primary Sponsor

Randy Davis

Republican

Co-Sponsors

Harry ShiverJoe FaustAlan BakerSteve McMillan

Session

Regular Session 2012

Title

Taxation, income tax deduction for state sales tax paid on tangible personal property used to retrofit residence of taxpayer, Secs. 40-18-15.4, 40-18-15.5 repealed

Description

Currently, homeowners and their property are exposed to potentially damaging and life threatening conditions as a result of hurricanes, tornadoes, other windstorm events, and rising floodwaters.

This bill would allow a state income tax deduction of up to a certain amount for state sales tax paid on tangible personal property used to retrofit the legal residence of a taxpayer and would allow a taxpayer to claim a state income tax deduction of up to a certain amount for excess premium paid during the applicable tax year for property and casualty insurance providing coverage for the legal residence of the taxpayer.

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Subjects

Income Tax