SB92 Summary

• Proposes a constitutional amendment to reduce Alabama's state corporate income tax rate from 6.5% to 5%, effective beginning with calendar year 2015.

• Amends Amendment No. 212 (as amended by Amendment No. 662) to the Alabama Constitution of 1901, now codified as Section 211.03.

• Amendment becomes effective upon approval by a majority of qualified voters and in accordance with Sections 284, 285, and 287 of the Alabama Constitution.

• Removes the previous provision that set the 6.5% rate for tax years beginning in calendar year 2001 and each year thereafter, replacing it with the new 5% rate beginning in 2015.

• Requires election officials to assign a ballot number and present voters with a clear description of the proposal to decrease the corporate tax rate from 6.5% to 5% starting in 2015.