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AL HB376
Bill
Status
2/9/2021
Primary Sponsor
Andrew Sorrell
Click for details
AI Summary
HB376 - Sound Money Tax Neutrality Act
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Excludes net capital gains derived from the exchange of precious metal bullion from Alabama state income tax for individuals.
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Allows net capital losses derived from the exchange of precious metal bullion as a deduction from gross income.
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Defines precious metal bullion as coins, bars, or rounds containing primarily refined gold, silver, or other precious metals that are either marked and valued primarily by weight/purity/content or minted by a government authority.
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Amends Sections 40-18-14 and 40-18-15 of the Code of Alabama 1975 to implement these exclusions and deductions.
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Effective for tax years beginning on or after January 1, 2021.
Legislative Description
Income tax, exclude gains and losses derived from exchange of precious metal bullions from calculation of gross income, Secs. 40-18-14, 40-18-15 am'd.
Income Tax
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means Education
2/9/2021