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AL SB191
Bill
Status
2/13/2020
Primary Sponsor
Malika Sanders-Fortier
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AI Summary
SB 191 Summary
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Amends Alabama Code Section 40-18-15.7 to allow taxpayers filing the simplified short form to report up to $1,500 of interest and dividend income, replacing the previous requirement of $0 non-wage income.
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Eligible taxpayers must meet all criteria including Alabama gross income under $100,000, no dependents, no itemized deductions, and no other adjustments or credits.
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Qualifying filers receive optional increased standard deductions of $2,250 for single persons or $4,500 for married filing jointly.
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Personal exemptions remain the only other deduction allowed for simplified short form filers, who must forego federal income tax deductions and other available deductions and credits.
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Effective immediately upon passage and approval by the Governor for tax years beginning after December 31, 2020.
Legislative Description
Taxation, individual income tax, simplified short form, allow up to fifteen hundred of interest and dividend income, Sec. 40-18-15.7 am'd.
Taxation
Last Action
Read for the first time and referred to the Senate committee on Governmental Affairs
2/13/2020