SB5 Alabama 2014 Session
In Committee
Bill Summary
Sponsors
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
To amend Section 40-18-15, Code of Alabama 1975, relating to income tax deductions for individuals; to allow certain capital loss provisions to be operative until the capital loss is exhausted.
Subjects
Taxation
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| January 14, 2014 | 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 | SB5 Alabama 2014 Session - Introduced |