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AL HB98
Bill
Status
2/2/2021
Primary Sponsor
Andy Whitt
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AI Summary
HB98 Summary
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Excludes from Alabama individual income tax any federal tax credits or advance refunds received under the CARES Act (I.R.C. § 6428).
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Exempts taxpayers from recognizing as income any amounts received from the state Coronavirus Relief Fund provided under the CARES Act.
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Exempts cancellation of indebtedness income from loans forgiven under Section 1106 of the CARES Act from Alabama financial institution excise tax and income tax to the same extent as federal exemption.
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Allows expenses paid with exempt loan forgiveness funds (such as payroll, utilities, mortgage interest, and rent) to remain deductible for state income tax purposes.
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Becomes effective immediately upon passage and gubernatorial approval.
Legislative Description
Income tax; exclusion for federal tax credits, advance refunds, or loan forgiveness from federal CARES Act; 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