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AL HB581
Bill
Status
4/30/2015
Primary Sponsor
Elaine Beech
Click for details
AI Summary
HB581 Summary
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Increases the annual maximum Business Privilege Tax from $15,000 to $22,000 for taxpayers.
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Eliminates the .00025 tax rate and restructures the rate schedule to be based on Alabama taxable net worth instead of federal taxable income.
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Relieves entities with less than $10,000 in Alabama taxable net worth from the Business Privilege Tax filing obligation.
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Changes the Business Privilege Tax due date for financial institutions subject to the financial institution Excise Tax from March 15 to April 15 to align with the Excise Tax return due date.
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Effective for all Business Privilege Tax returns due after December 31, 2015.
Legislative Description
Taxation, business privilege, maximum due increased, financial institution excise tax return due date revised, Secs. 10A-2-16.22, 40-14A-22, 40-14A-25 am'd.
Taxation
Last Action
Indefinitely Postponed
6/3/2015