SB426 Summary

• Amends Section 40-2A-11 of the Alabama Code to exempt individual income tax returns with no tax due from the minimum $50 penalty for failure to timely file.

• Eliminates the penalty that was previously assessed as the greater of 10 percent of additional tax owed or $50 when an individual files with no tax due.

• Maintains all other penalty provisions for late filing and late payment of taxes that do have amounts due.

• Effective immediately upon passage and approval for tax returns filed in 2011 and subsequent tax years.