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AL HB302

Bill

Official Source

Status

Introduced

3/22/2011

Primary Sponsor

Richard Lindsey

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Origin

House of Representatives

Regular Session 2011

AI Summary

HB302 Summary

  • Limits Alabama's state depletion allowance for oil and gas to the amount allowed under the federal depletion allowance, eliminating the current excess state allowance.

  • Amends Section 40-18-35, Code of Alabama 1975, relating to taxation of oil and gas income to implement this limitation.

  • Becomes effective for all tax years beginning after December 31, 2011, following passage and gubernatorial approval.

Legislative Description

Oil and gas, taxation, depletion allowance altered, limited to federal depletion allowance, Sec. 40-18-35 am'd.

Oil and Gas

Last Action

Rereferred from W&MGF to W&ME Committee

3/29/2011

Committee Referrals

Ways and Means General Fund3/22/2011

Full Bill Text

No bill text available