SB375 Alabama 2019 Session

Summary

Primary Sponsor

Dan Roberts Senator

Republican

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.

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Subjects

Taxation