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AL SB59
Bill
AI Summary
SB59 Summary
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Allows an annual state income tax credit equal to 100 percent of sales tax paid on the purchase of a qualified hybrid motor vehicle, capped at $2,000 per vehicle.
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Defines qualified hybrid motor vehicle as a 4-wheeled gas-electric vehicle acquired on or after October 1, 2012, and previously qualified under IRS regulations.
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Limits credit to one vehicle per individual and 10 vehicles per business entity.
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Requires vehicles to be registered in Alabama and owners to comply with applicable state or federal laws governing hybrid vehicle purchases at time of titling.
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Becomes effective on the first day of the third month following passage and gubernatorial approval.
Legislative Description
Income tax, motor vehicles, purchase of any qualified hybrid vehicle, annual sales tax credit authorized for amount of sales tax paid, not to exceed certain amount, definitions
Motor Vehicles
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation Education
2/5/2013