HB35 Alabama 2021 Session

Sponsors

Session

Regular Session 2021

Title

Taxation, income taxes, federal Coronavirus Aid, Relief, and Economic Security Act, excluded from Alabama individual income taxation

Description

<p class="bill_description"> Under existing law, amounts received in 2020 as a result of federal tax credits or advance refunds provided under the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, as provided in I.R.C. § 6428, are not excluded from Alabama individual income taxation</p><p class="bill_description"> Under existing law, cancellation of indebtedness income resulting from the forgiveness of small business loans under Section 1106 of the federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is not excluded from Alabama individual income taxation and may not be excluded from Alabama corporate income taxation and Alabama financial institution taxation</p><p class="bill_description"> This bill would provide for an exclusion from Alabama individual income taxation for any federal tax credits or advance refunds resulting from the federal Coronavirus Aid, Relief, and Economic Security Act</p><p class="bill_description"> This bill would provide for an exclusion from Alabama income taxation for small business loans forgiven under the Paycheck Protection Program established by the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act</p><p class="bill_entitled_an_act"> Relating to income taxes; to provide for an exclusion from Alabama income tax for federal tax credits, advance refunds, or loan forgiveness resulting from the federal Coronavirus Aid, Relief, and Economic Security Act. </p>

Subjects

Taxation