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AL HB257
Bill
Status
2/2/2021
Primary Sponsor
Arnold Mooney
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AI Summary
HB 257 Summary
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Excludes federal tax credits and advance refunds from the CARES Act and subsequent COVID relief legislation from Alabama individual income taxation.
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Exempts cancellation of indebtedness income from Paycheck Protection Program loans and other small business loan forgiveness programs from Alabama individual and corporate income tax and financial institution excise tax.
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Excludes employer-paid qualified education loan payments, Emergency EIDL grants, Targeted EIDL advances, and qualifying disaster relief payments from Alabama income taxation to the same extent they are excluded from federal income taxation.
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Exempts amounts received from the state Coronavirus Relief Fund from Alabama income and financial institution excise taxation.
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Effective for tax years ending after enactment of the federal CARES Act, Pub. L. 116-136.
Legislative Description
Income tax, exclusion for federal tax credits, advance refunds, qualified disaster relief payments, subsidies, grants, student loans, or loan forgiveness from federal CARES Act and subsequent federal COVID relief legislation, exemption from income and financial institution excise tax for amounts from the Coronavirus Relief Fund.
Taxation
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means Education
2/2/2021