HB40 Alabama 2015 2nd Special Session
In Committee
Bill Summary
Sponsors
Session
Second Special Session 2015
Title
Taxation, income tax, sale or exchange of property, captial loss limitation same as allowed under federal tax law, Sec. 40-18-8 am'd.
Description
Currently, taxpayers are allowed to claim a deduction for capital losses that may be in excess of the amounts allowable for federal tax purposes
This bill would make Alabama's capital loss limitations consistent with its federal counterparts
To amend Section 40-18-8, Code of Alabama 1975, to provide for a limit on the amount of capital losses claimed to be the lesser of any excess losses over capital gains or the federal limit.
Subjects
Taxation
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| September 10, 2015 | H | Read for the first time and referred to the House of Representatives committee on Ways and Means Education |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB40 Alabama 2015 2nd Special Session - Introduced |