HB302 Summary

• Proposes a constitutional amendment to reduce Alabama's state corporate income tax rate from 6.5% to 6% effective January 1, 2019.

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

• Requires approval by a majority of qualified electors voting in accordance with Sections 284, 285, and 287 of the Alabama Constitution.

• Removes the existing provision setting the corporate tax rate at 6.5% for tax years beginning in 2001 and thereafter, replacing it with a 6% rate beginning in 2019.

• Election officials must assign a ballot number and include a description of the amendment on ballots for voter approval.