- Bobby D. Singleton
- Greg Albritton
- Gerald H. Allen
- Will Barfoot
- William “Bill” M. Beasley
- Tom Butler
- Clyde Chambliss
- Donnie Chesteen
- Linda Coleman-Madison
- Chris Elliott
- Vivian Davis Figures
- Sam Givhan
- Garlan Gudger
- Jimmy Holley
- Andrew Jones
- Steve Livingston
- Del Marsh
- Jim McClendon
- Tim Melson
- Arthur Orr
- Randy Price
- Greg J. Reed
- Dan Roberts
- Clay Scofield
- Rodger Smitherman
- Larry Stutts
- J.T. Waggoner
- Tom Whatley
- Jack W. Williams
SB274 Alabama 2021 Session
Passed (Not Signed)
Bill Summary
Sponsors
Session
Regular Session 2021
Title
Covid-19 Recovery Capital Credit Protection Act of 2021, created, employment and wage requirements for qualifying projects extended, compensation amounts for exemption purposes increased, Sec. 40-18-19.1 am'd.
Description
Under the capital credit program, an annual credit of a percentage of the capital costs of a qualifying project can be applied to an Alabama income tax or financial institution excise tax liability of an investing company. A qualifying project must meet specific employment and wage requirements after the project is placed into service for the capital credit to be available
This bill establishes the COVID-19 Recovery Capital Credit Protection Act of 2021. The bill provides an extension to the employment and wage requirements for a qualifying project placed into service during 2019, 2020, and 2021
The bill provides that the failure to meet the annual employment and wage requirements during the 2020 and 2021 tax years will not be considered in determining whether a project will be disqualified from the program. The bill provides that forfeiture penalties will not apply for qualifying projects failing to meet those requirements
Under current law, an amount up to twenty-five thousand dollars received as severance, unemployment compensation or termination pay, or as income from a supplemental income plan, by an employee who is terminated, laid-off, fired, or displaced from his or her employment, is exempt from income tax
This bill provides an increase in the exemption amount received as severance, unemployment compensation or termination pay, or as income from a supplemental income plan for tax years beginning after December 31, 2019
To establish the COVID-19 Recovery Capital Credit Protection Act of 2021; to amend Section 40-18-19.1, Code of Alabama 1975; to increase the amount of various types of compensation that may be exempted; and to provide an extension to the employment and wage requirements of the capital credit program and associated penalties.
Subjects
Revenue Department
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| April 13, 2021 | S | Delivered to Governor at 2:47 p.m. on April 13, 2021 |
| April 13, 2021 | S | Enrolled |
| April 13, 2021 | H | Signature Requested |
| April 13, 2021 | S | Passed Second House |
| April 8, 2021 | H | Motion to Read a Third Time and Pass adopted Roll Call 708 |
| April 8, 2021 | H | Third Reading Passed |
| April 1, 2021 | H | Read for the second time and placed on the calendar |
| March 16, 2021 | H | Read for the first time and referred to the House of Representatives committee on Ways and Means Education |
| March 16, 2021 | S | Engrossed |
| March 16, 2021 | S | Motion to Read a Third Time and Pass adopted Roll Call 604 |
| March 16, 2021 | S | Singleton motion to Adopt adopted Roll Call 603 |
| March 16, 2021 | S | Finance and Taxation Education Amendment Offered |
| March 16, 2021 | S | Third Reading Passed |
| March 11, 2021 | S | Read for the second time and placed on the calendar 1 amendment |
| February 25, 2021 | S | Read for the first time and referred to the Senate committee on Finance and Taxation Education |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | March 31, 2021 | Room 200 at 09:00 | House W&ME Hearing |
| Hearing | March 10, 2021 | ROOM 825 **BILL ADDED** at 09:30 | Senate F&TE Hearing |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB274 Alabama 2021 Session - Enrolled |
| Bill Text | SB274 Alabama 2021 Session - Engrossed |
| Bill Text | SB274 Alabama 2021 Session - Introduced |
| Bill Amendments | Senate Finance and Taxation Education first Amendment Offered |
| Fiscal Note | Fiscal Note - SB274 for Finance and Taxation Education |
| Fiscal Note | Fiscal Note - SB274 for Finance and Taxation Education |
| Fiscal Note | Fiscal Note - SB274 for Ways and Means Education |