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AL HB207
Bill
Status
2/7/2013
Primary Sponsor
Thomas Jackson
Click for details
AI Summary
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Amends Alabama Code Section 40-18-34 to limit the domestic production activities deduction to three percent of qualified production activities income or taxable income, whichever is less.
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Requires corporations claiming the federal domestic production activities deduction under 26 U.S.C. §199 to add back to Alabama taxable income any deduction amounts exceeding three percent.
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Applies to taxable years beginning after December 31, 2012.
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Becomes effective 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 House of Representatives committee on Ways and Means Education
2/7/2013