HB291 Alabama 2024 Session

Summary

Primary Sponsor

Ed Oliver Representative

Republican

Session

Regular Session 2024

Title

Physicians, rural physicians income tax credit, existing law repealed and replaced with new income tax credit after December 31, 2024, new credit increased to $10,000 per year for four years, transition provisions

Description

Under existing law, a physician who qualifies as a rural physician in a small or rural community with a small or rural hospital is entitled to a tax credit of $5,000 each year for five years. This credit currently is repealed effective December 31, 2028.

This bill would repeal the existing rural physician income tax credit effective for tax years beginning after December 31, 2024, but would authorize a physician claiming the credit for the tax year ending on December 31, 2024, to claim the new physician income tax credit for the remainder of the five-year credit period if the physician qualifies under the new credit.

This bill would further provide a new rural physician income tax credit effective for tax years beginning on or after January 1, 2025, for four years, unless extended by act of the Legislature.

The bill would further define the requirements for residence and the definition of a "rural community." The bill would require the Alabama Statewide Area Health Education Center Program Office to administer the program and to issue certificates to physicians who qualify for the tax credit.

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Subjects

Taxation & Revenue