Loading chat...
AL HB206
Bill
Status
2/7/2013
Primary Sponsor
Barbara Boyd
Click for details
AI Summary
-
Limits Alabama's state depletion allowance for oil and gas to the amount allowed under the federal depletion allowance, eliminating the state's ability to provide additional deductions beyond the federal level.
-
Amends Section 40-18-35 of the Code of Alabama 1975 regarding taxation of oil and gas to implement this cap on depletion allowances.
-
Applies to all tax years beginning after December 31, 2012.
-
Effective upon passage and approval by the Governor or upon otherwise becoming law.
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 House of Representatives committee on Ways and Means Education
2/7/2013