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AL SB344
Bill
Status
3/14/2013
Primary Sponsor
George Keahey
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AI Summary
SB344 Summary
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Defines "unitary business" as a single economic enterprise made up of separate parts or commonly controlled business entities that are sufficiently interdependent, integrated, and interrelated to provide synergy and mutual benefit, with broad interpretation limited only by the U.S. Constitution.
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Requires taxpayers who are part of a unitary business consisting of multiple business entities to file a combined report to determine Alabama taxable income, with the combined report including all members doing business in the United States or commercially domiciled outside non-OECD tax haven jurisdictions.
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Limits the Alabama domestic production activities deduction to 3 percent of qualified production activities income or taxable income, whichever is less, for taxable years beginning on or after January 1, 2013.
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Limits the bonus depreciation deduction to 50 percent of the adjusted basis of qualified property (reduced from 100 percent) for taxable years beginning on or after January 1, 2012.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Corporate income tax, taxpayer who is part of unitary business, taxable income to include any amounts in excess of federal domestic production activities deduction, Revenue Commissioner authorized to require additional information in alternative reporting format, Secs. 40-2A-17, 40-18-1, 40-18-34 am'd.
Taxation
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation Education
3/14/2013