SB156 Alabama 2013 Session

Summary

Primary Sponsor

Mark Slade Blackwell

Republican

Session

Regular Session 2013

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.

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Subjects

Taxation