HB224 Alabama 2013 Session

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.

To amend Section 40-18-34, Code of Alabama 1975, to limit the bonus depreciation deduction to fifty percent (50%) of the adjusted basis of qualified property.