HB289 Alabama 2013 Session

Sponsors

Session

Regular Session 2013

Title

Agriculture, irrigation equipment, income tax credit for installation of, qualified reservoir defined, carry forward and pass through of tax credits, further provided for, shareholders authorized to claim pro rata share of tax credit, Sec. 40-18-342 am'd.

Description

<p class="bill_description"> Current law provides for an expense allowance to Alabama taxpayers under Section 179 of the Internal Revenue Code for irrigation and provides for an income tax credit of 20% of the cost of the purchase and installation of certain conversion costs related to irrigation systems or the development of irrigation reservoirs and water wells</p><p class="bill_description"> This bill would change the annual flow rate of rivers or streams, excepted from the qualified reservoir requirement, from 10,000 cubic feet per second to 8,000 cubic fee per second</p><p class="bill_description"> This bill would allow the tax credit to be carried to each of the 5 years following the taxable year the qualified irrigation system or reservoir is placed in service</p><p class="bill_description"> This bill would allow shareholders of certain business entities to receive a pro rata share of the credit claimed by the business entity</p><p class="bill_entitled_an_act"> To amend Section 40-18-342 of the Code of Alabama 1975, relating to tax credit for the purchase and installation of certain irrigation systems; to provide for changes to the annual flow rate of rivers or streams excepted from the qualified reservoir requirement; to allow the tax credit to be carried forward 5 years; and to allow shareholders a pro rata share of the credit claimed by certain business entities. </p>

Subjects

Agriculture