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
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
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.
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 |