SB252 Alabama 2012 Session
Summary
- Primary Sponsor
Arthur OrrSenatorRepublican- Session
- Regular Session 2012
- Title
- Income tax deductions, carry forward capital loss for three years, Sec. 40-18-15 am'd.
- Description
Under existing law, an Alabama resident who incurs a capital loss is allowed to use a deduction for state income tax purposes only in the year in which the loss is incurred.
Also under existing law, a net operating loss for state income tax purposes may be carried back two taxable years from the year in which the loss is incurred.
This bill would allow an Alabama resident who incurs a capital loss to carry forward the loss for state income tax purposes for three years from the year in which the loss is incurred.
- Subjects
- Taxation
Bill Actions
Indefinitely Postponed
Read for the second time and placed on the calendar
Read for the first time and referred to the Senate committee on Finance and Taxation Education
Bill Text
Documents
Source: Alabama Legislature