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  1. Bama Politics
  2. Alabama
  3. Alabama House & Senate Bills
  4. 2021 Alabama Legislative Regular Session
  5. 2021 Alabama House Bills
  6. HB257 Alabama 2021 Session

HB257 Alabama 2021 Session

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In Committee

Bill Summary

Sponsors
  • Arnold Mooney
Session
Regular Session 2021
Title
Income tax, exclusion for federal tax credits, advance refunds, qualified disaster relief payments, subsidies, grants, student loans, or loan forgiveness from federal CARES Act and subsequent federal COVID relief legislation, exemption from income and financial institution excise tax for amounts from the Coronavirus Relief Fund.
Description

Under the current provisions of the Code of Alabama 1975, amounts received as a result of federal tax credits or advance refunds and other economic relief payments provided under the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act and subsequent federal COVID relief legislation are not excluded from Alabama individual income taxation

Under the current provisions of the Code of Alabama 1975, cancellation of indebtedness income resulting from the forgiveness of small business loans forgiven under Sections 1106 and 1109 of the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act and the federal Economic Aid for Hard-Hit Businesses, Nonprofits, and Venues Act is not excluded from Alabama individual income taxation and may not be excluded from Alabama corporate income taxation and financial institution excise taxation

Under the current provisions of the Code of Alabama 1975, any amount received from the state Coronavirus Relief Fund is treated as taxable income for purposes of Alabama income and financial institution excise taxation

This bill would provide for an exclusion from Alabama individual income taxation for any federal tax credits, advance refunds, Small Business Administration subsidy payments, Emergency EIDL grants, Targeted EIDL advances, student loan payments, or qualified disaster relief payments, resulting from the federal Coronavirus Aid, Relief, and Economic Security Act, Taxpayer Certainty and Disaster Relief Tax Act, or COVID-related Tax Relief Act

This bill would provide an income and financial institution excise tax exemption for any amounts received from the Coronavirus Relief Fund

This bill would provide for an exclusion from Alabama income taxation and financial institution excise taxation for small business loans forgiven under the Paycheck Protection Program established by the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act

Relating to corporate income tax; to provide for an exclusion from Alabama individual income tax for federal tax credits, advance refunds, qualified disaster relief payments, Small Business Administration subsidy payments, Emergency EIDL grants, Targeted EIDL advances, student loans, or loan forgiveness resulting from the federal Coronavirus Aid, Relief, and Economic Security Act, Taxpayer Certainty and Disaster Relief Tax Act, or COVID-related Tax Relief Act; and to provide an income and financial institution excise tax exemption for any amounts received from the Coronavirus Relief Fund.

Subjects
Taxation

Bill Actions

Action DateChamberAction
February 2, 2021HRead for the first time and referred to the House of Representatives committee on Ways and Means Education

Bill Text

Download HB257 Alabama 2021 Session PDF

Bill Documents

TypeLink
Bill Text HB257 Alabama 2021 Session - Introduced
Fiscal Note Fiscal Note - HB330 for Judiciary
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