HB224 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 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)</p><p class="bill_description">
This bill would limit the Alabama deduction
to fifty percent (50%) of the adjusted basis of
qualified property</p><p class="bill_entitled_an_act"> 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.
</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 | HB224 Alabama 2013 Session - Introduced |