AL SB303

Proposes a constitutional amendment to Amendment 212 (as amended by Amendment 662) regarding corporate income tax rates in Alabama.

Establishes an automatic corporate income tax rate reduction trigger: beginning in tax years after December 31, 2018, the corporate tax rate shall decrease by 0.3% on the following January 1 if gross corporate income tax receipts exceed $550,000,000 in any fiscal year.

Maintains the current corporate income tax rate at 6.5% (established in 2001) unless the revenue threshold is met to trigger reductions.

Amendment requires approval by a majority of qualified electors voting in a statewide election conducted under Sections 284 and 285 of the Alabama Constitution.

Election officials shall place the measure on ballots with a description of the amendment and yes/no voting options.