Tom WhatleyCurrently, Alabama provides income tax credits against taxpayers’ income tax liability
This bill provides for an income tax credit for businesses involved in construction relating to national border security
To create a new income tax credit for businesses involved in construction relating to national border security.
Currently, Alabama provides income tax credits against taxpayers’ income tax liability
This bill provides for an income tax credit for businesses involved in construction relating to national border security
To create a new income tax credit for businesses involved in construction relating to national border security.
Section 1
(a) For all tax years beginning after December 31, 2018, any taxpayer involved in construction relating to national border security shall be allowed a credit against income tax in an amount equal to ten percent of the construction costs relating to national border security borne by the taxpayer. (b) The credit provided by this act shall be taken in the year in which the cost of construction relating to national border security was incurred. (c) The tax credit may not be allowed to decrease the tax liability of a taxpayer to less than zero in any tax year. The credit is not refundable or transferable. (d) The Department of Revenue shall promulgate rules necessary to implement and administer the credit authorized by this act.
Section 2
This act shall become effective immediately upon its passage and approval by the Governor, or its otherwise becoming a law.
| Action Date | Chamber | Action |
|---|---|---|
| February 1, 2018 | S | Read for the first time and referred to the Senate committee on Finance and Taxation Education |
| Document Type | Document Location |
|---|---|
| Bill Text | http://alisondb.legislature.state.al.us/ALISON/SearchableInstruments/2018RS/PrintFiles/SB277-int.pdf |