HB352 Alabama 2020 Session

Sponsors

Session

Regular Session 2020

Title

Taxation, income tax rate for corporations further provided for, Alabama Business Tax Competitiveness Act, const. amend

Description

<p class="bill_description"> Under existing law, corporate taxpayers are allowed to deduct federal income taxes paid or accrued within the year. Corporate taxpayer income is taxed at a rate of six and one-half percent</p><p class="bill_description"> This bill would propose an amendment to Amendment 212 of the Constitution of Alabama of 1901, as amended by Amendment 662 of the Constitution of Alabama of 1901, now appearing as Section 211.03 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, to provide that the income tax rate for corporations shall be four and three-quarters percent unless reduced by the Legislature. This amendment would also eliminate the federal income tax deduction for corporate taxpayers</p><p class="bill_entitled_an_act"> Proposing an amendment to the Constitution of Alabama of 1901, as amended; to amend Amendment 212 to the Constitution of Alabama of 1901, as amended by Amendment 662 to the Constitution of Alabama of 1901, now appearing as Section 211.03 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, to provide that the income tax rate for corporations shall be four and three-quarters percent, unless reduced by the Legislature, and to repeal the federal income tax deduction for corporate taxpayers. </p>

Subjects

Constitutional Amendments