HB9 Alabama 2015 2nd Special Session
In Committee
Bill Summary
Sponsors
Session
Second Special Session 2015
Title
Taxation, income tax, deduction for FICA and self-employment taxes limited, 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
limit the amount of FICA and 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 limit the amount of FICA and
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 |
|---|---|---|
| September 8, 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 | HB9 Alabama 2015 2nd Special Session - Introduced |