SB156 Summary

• Amends Section 40-18-15 of the Alabama Code to allow capital loss carryforwards for three years from the year the loss is incurred, rather than limiting the deduction to the year the loss occurs.

• Capital loss carrybacks and carryforwards are determined according to 26 U.S.C. § 1212, except the carryforward period is limited to three years instead of the federal standard.

• Applies to Alabama residents who incur capital losses for state income tax purposes.

• Takes effect immediately upon passage and approval by the Governor or upon becoming law otherwise.