HB24 Alabama 2015 1st Special Session

In Committee

Bill Summary

Sponsors

Paul Beckman

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

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

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

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.

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

Download HB24 Alabama 2015 1st Special Session PDF

Bill Documents