SB156 Alabama 2013 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2013
Title
Income tax deductions, carry forward capital loss for three years, Sec. 40-18-15 am'd.
Description
<p class="bill_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</p><p class="bill_description">
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</p><p class="bill_description">
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</p><p class="bill_entitled_an_act"> To amend Section 40-18-15, Code of Alabama 1975,
relating to income tax deductions for individuals; to allow
each Alabama resident who incurs a capital loss to carry
forward the loss for state income tax purposes from the year
in which the loss is incurred.
</p>
Subjects
Taxation
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| May 7, 2013 | S | Indefinitely Postponed |
| February 14, 2013 | S | Finance and Taxation Education first Amendment Offered |
| February 14, 2013 | S | Read for the second time and placed on the calendar 1 amendment |
| February 7, 2013 | S | Read for the first time and referred to the Senate committee on Finance and Taxation Education |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB156 Alabama 2013 Session - Introduced |