HB9 Alabama 2015 2nd Special Session

Summary

Primary Sponsor

Paul Beckman

Republican

Session

Second Special Session 2015

Title

Taxation, income tax, deduction for FICA and self-employment taxes limited, 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 limit the amount of FICA and self-employment taxes that can be claimed as a deduction against income.

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Subjects

Taxation