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AL SB5
Bill
Status
Introduced
1/14/2014
Primary Sponsor
Slade Blackwell
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AI Summary
SB5 Summary
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Amends Section 40-18-15 of the Alabama Code to modify capital loss deduction provisions for state income tax purposes.
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Allows capital loss deductions to carry forward for succeeding tax years until the capital loss is exhausted, rather than limiting the deduction to only the year the loss is incurred.
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Makes the capital loss carryforward provisions of 26 U.S.C. § 1212(b) operative under Alabama state law.
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Effective for tax years beginning on or after January 1, 2014.
Legislative Description
Income tax deductions, carry forward capital loss for three years, Sec. 40-18-15 am'd.
Taxation
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation Education
1/14/2014
Committee Referrals
Finance and Taxation Education1/14/2014
Full Bill Text
No bill text available