HB207 Alabama 2013 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2013
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
<p class="bill_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</p><p class="bill_description">
This bill would limit the Alabama deduction
to three percent of qualifying income</p><p class="bill_entitled_an_act"> To amend Section 40-18-34, Code of Alabama 1975, to
limit the domestic production activities deduction to three
percent of qualified production activities income or taxable
income, whichever is less.
</p>
Subjects
Taxation
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| February 7, 2013 | H | Read for the first time and referred to the House of Representatives committee on Ways and Means Education |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB207 Alabama 2013 Session - Introduced |