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AL HB19
Bill
Status
2/2/2021
Primary Sponsor
Arnold Mooney
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AI Summary
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Excludes any federal tax credits or advance refunds received under the CARES Act (I.R.C. § 6428) from Alabama individual income taxation.
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For taxable year 2020, excludes CARES Act tax credits and advance refunds from calculations used to determine a taxpayer's federal income tax deduction under Section 40-18-15.
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Exempts cancellation of indebtedness income from Paycheck Protection Program loan forgiveness under CARES Act Section 1106 from Alabama financial institution excise tax and income taxes to the same extent exempt from federal income tax.
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Allows expenses paid with forgiven loan funds (such as payroll, utilities, mortgage interest, and rent) to remain deductible for Alabama tax purposes to the same extent as deductible federally.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Taxation, income taxes, federal Coronavirus Aid, Relief, and Economic Security Act, excluded from Alabama individual income taxation
Taxation
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means Education
2/2/2021