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  1. Bama Politics
  2. Alabama
  3. Alabama House & Senate Bills
  4. 2021 Alabama Legislative Regular Session
  5. 2021 Alabama Senate Bills
  6. SB75 Alabama 2021 Session
Tuscaloosa, AL holds municipal elections March 2, 2021. Click here to view the elections and the candidates running.

SB75 Alabama 2021 Session

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In Committee
Contents hide
  • 1 Bill Summary
  • 2 Bill Actions
  • 3 Bill Text
  • 4 Bill Documents

Bill Summary

Sponsors
  • J.T. Waggoner
Session
Regular Session 2021
Title
Taxation, CARES Act, exempts Alabama income tax relating to the coronavirus pandemic
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

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

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

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

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

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

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.

Subjects
Taxation

Bill Actions

Action Date Chamber Action
February 2, 2021 S Read for the first time and referred to the Senate committee on Finance and Taxation Education

Bill Text

Download SB75 Alabama 2021 Session PDF

Bill Documents

Type Link
Bill Text SB75 Alabama 2021 Session - Introduced
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