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  1. Bama Politics
  2. Alabama
  3. Alabama House & Senate Bills
  4. 2019 Alabama Legislative Regular Session
  5. 2019 Alabama House Bills
  6. HB 552

HB 552

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In Committee
Contents hide
  • 1 Bill Summary
  • 2 Bill Actions
  • 3 Bill Text
  • 4 Bill Documents

Bill Summary

Sponsors
  • Danny Garrett
Session
Regular Session 2019
Title
Corporate Income Tax, allow taxpayer who is part of a controlled group to factor that controlled group in computing deduction limitations, Sec. 40-18-39.1 added.
Description

The 2017 federal Tax Cuts and Jobs Act limits a corporate income taxpayer's business interest expense deduction to the amount of its business interest income plus 30 percent of its adjusted taxable income

Retroactive to January 1, 2019, this bill would allow a corporate income taxpayer who is part of a controlled group that includes an insurance company to include in its computation of any limitation on its deduction for business interest expense the business interest income of its controlled group members

Relating to corporate income tax; to allow a corporate income taxpayer who is part of a controlled group that includes an insurance company to factor the business interest income of all members of the controlled group into its computation of any limitation on its deduction for business interest expenses; and to provide for retroactive application.

Subjects
Taxation

Bill Actions

Action Date Chamber Action
May 2, 2019 H Read for the first time and referred to the House of Representatives committee on Ways and Means Education

Bill Text

Download HB 552 PDF

Bill Documents

Type Link
Bill Text HB 552 - Introduced

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