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AL HB462
Bill
Status
3/22/2016
Primary Sponsor
James Martin
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AI Summary
HB462 Summary
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Increases the annual maximum Business Privilege Tax from $15,000 to $24,500 for all taxpayers subject to the tax.
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Exempts entities with less than $10,000 in Alabama taxable net worth from filing Business Privilege Tax returns and associated tax liability.
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Eliminates the requirement for an initial Business Privilege Tax return and repeals Section 40-14A-29 entirely.
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Aligns Business Privilege Tax return due dates with federal income tax return due dates: corporations must file within 2.5 months of taxable year start; limited liability entities within 3.5 months.
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For financial institutions, changes Business Privilege Tax due date from March 15 to align with federal income tax deadlines, with extensions not to exceed September 15 of the taxable year.
Legislative Description
Business privilege tax, maximum amount increased, exemption provided, initial return requirement deleted, due dates revised, Secs. 10A-2-16.22, 20-14A-22, 40-14A-25 am'd., Sec. 40-14A-29 repealed
Taxation
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund
3/22/2016