AL SB249

Proposes a constitutional amendment to reduce Alabama's corporate income tax rate from 6.5% to 4.75% effective for calendar year 2021 and thereafter, unless further reduced by the Legislature.

Eliminates the federal income tax deduction currently allowed for corporations when computing Alabama state income taxes.

Names the amendment "The Alabama Business Tax Competitiveness Act" and requires voter approval by majority of qualified electors voting in accordance with Sections 284, 285, and 287 of the Alabama Constitution.

Modifies Amendment 212 (as amended by Amendment 662) to the Alabama Constitution of 1901, now appearing as Section 211.03 of the Official Recompilation.

Requires election officials to assign a ballot number and place the amendment description and Yes/No voting options on the election ballot.