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AL HB224
Bill
Status
2/7/2013
Primary Sponsor
Darrio Melton
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AI Summary
HB224 Summary
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Amends Section 40-18-34 of the Code of Alabama 1975 to limit the bonus depreciation deduction for corporate income tax purposes to 50% of the adjusted basis of qualified property.
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For taxable years beginning after December 31, 2012, requires corporations to add back to federal taxable income any depreciation deductions under 26 U.S.C. §168 that exceed 50% of the adjusted basis of qualified property.
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Decouples Alabama corporate income tax law from the temporary federal provision in the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 that allowed 100% bonus depreciation.
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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