Loading chat...
AL HB84
Bill
Status
1/12/2010
Primary Sponsor
Jay Love
Click for details
AI Summary
-
Allows qualifying employees earning no more than $50,000 annually (or $75,000 adjusted gross income, $150,000 if married filing jointly) to deduct health insurance premiums paid through employer-provided plans.
-
Allows qualifying employers with fewer than 25 employees to deduct health insurance premiums paid on behalf of qualifying employees as a business deduction.
-
Phases in deductions over five years in equal 20% installments, with each phase triggered only when the Alabama Department of Finance certifies at least 3% estimated growth in Education Trust Fund revenues.
-
Effective for tax years beginning January 1, 2011, contingent upon annual certification by the Department of Finance of sufficient revenue growth in the Education Trust Fund.
-
Repeals conflicting laws and includes severability clause protecting remaining provisions if any section is declared invalid.
Legislative Description
Income tax, employers, certain small businesses and employees, health insurance premiums, tax deduction under certain conditions, implementation only upon certain revenue growth in Education Trust Fund
Taxation
Last Action
Read for the first time and referred to the House of Representatives committee on Education Appropriations
1/12/2010