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AL SB348
Bill
AI Summary
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Amends Section 40-18-14 of the Alabama Code to clarify the definition of gross income for Alabama resident individuals subject to income tax.
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Specifies that gross income for resident individual owners of entities taxed under federal subchapter K or C of the Internal Revenue Code includes their entire allocable share of the entity's income from all sources.
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Provides that gross income is not limited to only the portion of entity income arising from Alabama sources, but includes income from sources within and outside Alabama.
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Becomes effective immediately upon passage and approval by the Governor or upon otherwise becoming law.
Legislative Description
Income tax, Alabama resident individuals, gross income includes an owner's entire allocable share of income earned from both in-state and out-of-state sources, Sec. 40-18-14 am'd.
Taxation
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation Education
4/5/2011