SB5 Alabama 2014 Session

Sponsors

Session

Regular Session 2014

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 certain capital loss provisions to be operative until the capital loss is exhausted</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 certain capital loss provisions to be operative until the capital loss is exhausted. </p>

Subjects

Taxation