SB107 Alabama 2024 Session

Summary

Primary Sponsor

Jay Hovey Senator

Republican

Session

Regular Session 2024

Title

Income tax, due date for electing pass-through to make election extended

Description

Under current law, an Alabama pass-through entity may elect to be taxed as an Alabama electing pass-through entity by submitting the appropriate form to the Department of Revenue anytime during the year or on or before the fifteenth day of the third month following the close of that tax year for which the entity elects to be taxed as an electing pass-through entity.

This bill will extend the due date for an Alabama electing pass-through entity to make the election for tax years beginning January 1, 2024. The due date for the election shall be the due date of the corresponding Alabama annual return, including extensions.

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Subjects

Taxation & Revenue