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AL SB6
Bill
Status
1/14/2014
Primary Sponsor
Slade Blackwell
Click for details
AI Summary
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Adds Section 40-14A-44 to the Code of Alabama 1975 to exempt dormant entities from the state business privilege tax.
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Defines a dormant entity as one that has not owned property, produced income, or carried out any business activity or function for two consecutive years prior to the taxable year.
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Exemption applies even if the dormant entity fails to dissolve or withdraw its qualification to do business with the Secretary of State.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Entities, dormant, exempt from business privilege tax, Sec. 40-14A-44 added
Taxation
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation General Fund
1/14/2014