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AL HB352
Bill
Status
2/27/2020
Primary Sponsor
Danny Garrett
Click for details
AI Summary
HB352 Summary
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Proposes a constitutional amendment to reduce the corporate income tax rate from 6.5% to 4.75% effective calendar year 2021, with the Legislature retaining authority to reduce the rate further.
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Eliminates the federal income tax deduction for corporations in computing state taxable income, which is currently allowed under existing law.
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Amends Amendment 212 to the Constitution of Alabama of 1901, as amended by Amendment 662, known as "The Alabama Business Tax Competitiveness Act."
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Requires the amendment to be approved by a majority of qualified electors voting in accordance with Sections 284, 285, and 287 of the Alabama Constitution.
Legislative Description
Taxation, income tax rate for corporations further provided for, Alabama Business Tax Competitiveness Act, const. amend
Constitutional Amendments
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means Education
2/27/2020