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AL SB350
Bill
AI Summary
SB350 Summary
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Limits Alabama's state depletion allowance for oil and gas to the amount allowed under the federal depletion allowance by amending Section 40-18-35 of the Code of Alabama 1975.
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Modifies subsection (a)(10) to eliminate the excess state depletion allowance deduction that previously allowed taxpayers to deduct the amount by which state depletion exceeded federal depletion.
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Becomes effective for all tax years beginning after December 31, 2011, following passage and approval by the Governor.
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
Read for the first time and referred to the Senate committee on Finance and Taxation Education
4/5/2011
Committee Referrals
Finance and Taxation Education4/5/2011
Full Bill Text
No bill text available