SB75 Alabama 2021 Session

Sponsors

Session

Regular Session 2021

Title

Taxation, CARES Act, exempts Alabama income tax relating to the coronavirus pandemic

Description

<p class="bill_description"> Under existing law, amounts received in 2020 and 2021 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 forgiven under Section 1106 of the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act is not excluded from Alabama individual income taxation and may not be excluded from Alabama corporate income taxation and financial institution excise taxation</p><p class="bill_description"> Under existing law, any amount received by Alabama taxpayers from the state Coronavirus Relief Funds provided to the state under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, must be recognized as income</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 (CARES) Act or any subsequent federal act providing similar tax credits or advance refunds in response to the Coronavirus pandemic</p><p class="bill_description"> 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 or any subsequent federal act providing small business loan forgiveness in response to the Coronavirus pandemic</p><p class="bill_description"> This bill would exempt any amount received by a taxpayer from state Coronavirus Relief Funds, or other stimulus funds provided to the state in response to the Coronavirus pandemic from being recognized as income for Alabama income taxation and financial institution excise taxation</p><p class="bill_entitled_an_act"> Relating to income taxes; to provide for an exclusion from Alabama individual income tax or financial institution excise tax for federal tax credits, advance refunds, loan forgiveness, or amounts received from state Coronavirus Relief Funds resulting from the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act or any subsequent federal act directly related to the Coronavirus pandemic. </p>

Subjects

Taxation