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AL SB352
Bill
Status
4/6/2011
Primary Sponsor
Hank Sanders
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AI Summary
SB352 Summary
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Amends Section 40-18-34 of the Alabama Code to limit the bonus depreciation deduction for corporate income tax purposes to 50 percent of the adjusted basis of qualified property.
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Requires corporations to add back to federal taxable income any depreciation deduction amounts exceeding 50 percent of adjusted basis claimed under 26 U.S.C. §168, effective for taxable years beginning on or after January 1, 2011.
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Decouples Alabama corporate income tax from the temporary federal bonus depreciation provision in The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Public Law 111-312), which temporarily increased bonus depreciation from 50 percent to 100 percent.
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Takes effect immediately upon passage and approval by the Governor.
Legislative Description
Corporate income tax, taxable income to include any amounts in excess of federal domestic production activities deduction, Sec. 40-18-34 am'd.
Taxation
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation General Fund
4/6/2011