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AL HB199
Bill
Status
2/7/2012
Primary Sponsor
Richard Lindsey
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AI Summary
HB199 Summary
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Defines "unitary business" as a single economic enterprise made up of separate parts or commonly controlled entities that are sufficiently interdependent, integrated, and interrelated through activities producing synergy and mutual benefit.
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Requires Alabama taxpayers that are part of a unitary business consisting of multiple entities to use a combined report to determine Alabama taxable income, with the combined report including all unitary business members doing business in the United States or non-U.S. tax havens.
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Limits the domestic production activities deduction under federal law to 3 percent of qualified production activities income or taxable income, whichever is less, for taxable years beginning on or after January 1, 2012.
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Limits the bonus depreciation deduction under federal law to 50 percent of the adjusted basis of qualified property for taxable years beginning on or after January 1, 2012.
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Takes effect immediately upon passage and approval by the Governor.
Legislative Description
Corporate income tax, taxpayer who is part of unitary business, taxable income to include any amounts in excess of federal domestic production activities deduction, Revenue Commissioner authorized to require additional information in alternative reporting format, Secs. 40-2A-17, 40-18-1, 40-18-34 am'd.
Taxation
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means Education
2/7/2012