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AL HB130
Bill
Status
2/4/2020
Primary Sponsor
Andrew Sorrell
Click for details
AI Summary
HB 130 Summary
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Eliminates Alabama's annual Business Privilege Tax for all business entities through a phased reduction beginning in tax year 2020 and ending after tax year 2029.
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Reduces tax rates annually over the 10-year period, with rates decreasing each year based on five income brackets until rates become negligible by 2029.
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Repeals Article 2 of Chapter 14A of Title 40 entirely effective January 1, 2030, ending all Business Privilege Tax obligations.
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Maintains existing minimum tax of $100 and maximum tax caps during the phase-out period, with special provisions for financial institutions, insurance companies, and utility companies.
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Becomes effective January 1, 2020, following passage and gubernatorial approval.
Legislative Description
Taxation, business entities, eliminate the annual Business Privilege Tax over a ten-year period, Article 2, of Chapter 14A of Title 40 repealed on January 1, 2030, Sec. 40-14A-22 am'd.
Taxation
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund
2/4/2020