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AL SB4
Bill
Status
2/4/2020
Primary Sponsor
Chris Elliott
Click for details
AI Summary
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Establishes an Alabama income tax credit equal to the total toll road or bridge fees paid by eligible taxpayers to the Alabama Toll Road, Bridge, and Tunnel Authority or its concessionaires.
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Credit applies only to tolls on authority projects completed after the bill's effective date and can be claimed in full in the tax year tolls are paid.
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Taxpayers owed less in taxes than the credit amount may claim a refund for the difference; credit is non-transferable and must be reapplied for annually.
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Creates the Toll Authority Income Tax Credit Account within the Education Trust Fund, with funding transferred from sales tax revenues as needed for tax credits.
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Department of Revenue must prescribe credit claim forms and promulgate implementation rules; Legislature shall replenish Education Trust Fund from GOMESA revenues or other dedicated sources.
Legislative Description
Toll road and bridge fees, income tax credit for state taxpayers for payments to Ala. Toll Road, Bridge, and Tunnel Authority, Revenue Dept. authorized to adopt rules, funds transferred from sales tax revenue to cover
Taxation
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation Education
2/4/2020