SB5 Alabama 2014 Session

Summary

Primary Sponsor

Mark Slade Blackwell

Republican

Session

Regular Session 2014

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 certain capital loss provisions to be operative until the capital loss is exhausted.

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Subjects

Taxation