HB505 Alabama 2016 Session

Sponsors

Session

Regular Session 2016

Title

Taxation, suspending tax credits when Governor declares proration of the General Fund or Education Trust Fund or General Fund Appropriation Act or Education Trust Fund Appropriation Act

Description

<p class="bill_description"> Existing law does not allow the suspension of tax credits when the Governor declares proration of the General Fund or the Education Trust Fund or if the General Fund Appropriation Act or the Education Trust Fund Appropriation Act is level funded based on the prior year act</p><p class="bill_description"> This bill would provide that if the Governor declares proration of the General Fund or the Education Trust Fund or if the General Fund Appropriation Act or the Education Trust Fund Appropriation Act is level funded based on the prior year act, any tax credit earned in the tax year of the taxpayer in which the proration was declared or a level-funded General Fund or Education Fund Appropriations Act is enacted shall be suspended for that tax year</p><p class="bill_entitled_an_act"> Relating to tax credits; to provide that if the Governor declares proration of the General Fund or the Education Trust Fund or if the General Fund Appropriation Act or the Education Trust Fund Appropriation Act is level funded based on the prior year act, tax credits earned in that tax year shall be suspended for that tax year. </p>

Subjects

Taxation