AL SB7

Excludes federal tax credits and advance refunds received under the Coronavirus Aid, Relief, and Economic Security Act from Alabama individual income taxation

For taxable year 2020, excludes such credits and refunds from calculations determining a taxpayer's federal income tax deduction under Section 40-18-15

Exempts loan forgiveness amounts under the CARES Act from Alabama income taxes (Chapter 18, Title 40) and financial institution taxes (Chapter 16, Title 40) to the same extent they are exempt from federal income tax

Prevents loan forgiveness amounts from being considered when determining the deductibility of otherwise deductible expenses (such as payroll or rent) paid with exempt funds, matching federal income tax treatment

Becomes effective immediately upon passage and approval by the Governor