HB387 Alabama 2017 Session

Sponsors

Session

Regular Session 2017

Title

Income tax, irrigation project tax credit, add'l credit authorized with cap, Sec. 40-18-342 am'd.

Description

<p class="bill_description"> Under existing law, an agricultural trade or business is allowed an income tax credit of 20 percent of the cost not to exceed $10,000 of tax liability for the purchase and installation of irrigation equipment and for the conversion of irrigation equipment from fuel to electricity or for qualified reservoirs</p><p class="bill_description"> This bill would increase the amount of the income tax credit by authorizing an alternative income tax credit of 10 percent of the cost not to exceed $50,000 of tax liability. The bill would provide that the income tax credit authorized by this act would expire and be repealed effective December 31, 2022, unless extended by a joint resolution adopted by the Legislature</p><p class="bill_entitled_an_act"> Relating to agriculture; to amend Section 40-18-342 of the Code of Alabama 1975, relating to the income tax credit on irrigation equipment, fuel conversions, and reservoirs; to authorize an agricultural trade or business to be eligible for an increased cap on the amount of a credit based on a lower percent of the costs of a project; and to provide for the sunset of this income tax credit under certain conditions. </p>

Subjects

Taxation