HB62 Alabama 2022 Session

Summary

Primary Sponsor

Ben RobbinsRepresentative

Republican

Session

Regular Session 2022

Title

Lease tax exemptions, to provide a lease tax exemption for lease transactions to nonprofit corporations, Sec. 40-12-223 am'd.

Summary

The bill would exempt leases to nonprofit corporations from lease tax in Alabama.

What This Bill Does

It amends Section 40-12-223 to add a new exemption for gross proceeds from leasing or renting tangible personal property to nonprofit corporations (defined in Section 10A-3-1.02). As a result, lease transactions with nonprofit lessees would not be taxed under the lease tax. The act sets the effective date for this exemption as October 1, 2022.

Who It Affects

• Nonprofit corporations in Alabama that lease tangible personal property would not owe lease tax on those leases.
• Lessor businesses that lease to nonprofit corporations would not collect lease tax on those transactions.

Key Provisions

• Amends Section 40-12-223 to add a new exemption (16) for the gross proceeds from leasing or renting tangible personal property to a nonprofit corporation (defined in Section 10A-3-1.02).
• Effective date: October 1, 2022.

AI-generated summary using openai/gpt-5-nano on Feb 22, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Taxation