HB24 Alabama 2015 1st Special Session
In Committee
Bill Summary
Sponsors
Session
First Special Session 2015
Title
Income tax, deductions for federal FICA taxes, tax on wages removed, self-employment taxes reduced, Sec. 40-18-15 am'd.
Description
<p class="bill_description"> In determining the amount of income that is
subject to tax under current law, taxpayers are
allowed to deduct, from income, the full amount of
Federal Insurance Contribution Act (FICA) taxes
withheld from wages and the full amount of taxes
paid on self-employment income. FICA and
self-employment taxes are composed of two
components, Medicare taxes and Social Security
taxes</p><p class="bill_description">
This bill would amend Section 40-18-15 to
remove the deduction for FICA taxes paid and to
limit the amount of self-employment taxes that can
be claimed as a deduction against income</p><p class="bill_entitled_an_act"> To amend Section 40-18-15, Code of Alabama 1975,
relating to income tax, to remove the deduction for FICA taxes
paid and to limit the amount of self-employment taxes that can
be claimed as a deduction in the determination of taxable
income.
</p>
Subjects
Taxation
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| August 3, 2015 | H | Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB24 Alabama 2015 1st Special Session - Introduced |