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AL HB35
Bill
Status
2/2/2021
Primary Sponsor
Andy Whitt
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AI Summary
HB35 Summary
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Excludes federal tax credits and 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 these CARES Act tax credits and advance refunds from calculations determining federal income tax deductions under Alabama law.
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Exempts cancellation of indebtedness income from Paycheck Protection Program loan forgiveness (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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Prevents forgiven PPP loan amounts from reducing the deductibility of business expenses (payroll, utilities, mortgage interest, rent) paid with those funds, matching federal tax treatment.
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Becomes effective immediately upon passage and gubernatorial approval.
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