HB391 Alabama 2022 Session

Sponsors

Session

Regular Session 2022

Title

Business privilege tax, minimum business privilege tax for taxable years beginning after December 31, 2022, reduced a full exemption on amounts due of $100 or less for taxable years beginning after December 31, 2023, Section 40-14A-22 am'd.

Description

<p class="bill_description"> Under existing law, the minimum business privilege tax due for certain corporations, business trusts, limited liability entities, and disregarded entities is not less than $100</p><p class="bill_description"> This bill reduces the minimum business privilege tax of $100 to $50 for the taxable year beginning after December 31, 2022</p><p class="bill_description"> This bill also provides for a full exemption from the minimum business privilege tax due for taxable years beginning after December 31, 2023</p><p class="bill_entitled_an_act"> Relating to the levy and amount of business privilege tax; to amend Section 40-14A-22, Code of Alabama 1975, to provide for a reduced minimum business privilege tax of $50 for taxable years beginning after December 31, 2022; to provide a full exemption from the business privilege tax on amounts due of $100 or less for taxable years beginning after December 31, 2023. </p>

Subjects

Business Privilege Tax