SR25 Summary

• Establishes a special order calendar designating HB170 and HB192 as the special, paramount, and continuing order of business taking precedence over all other matters for the fifth legislative day only

• HB170 (Representative Garrett): Excludes federal tax credits, advance refunds, qualified disaster relief payments, subsidies, grants, student loans, and loan forgiveness from federal CARES Act and subsequent COVID relief legislation from state income and financial institution excise tax; decouples from federal tax code sections 951A and 118(b)(2); changes business interest expense limitation; and allows Electing Pass-Through Entities to be taxed at entity level

• HB192 (Representative Poole): Extends sunset dates for job credit and investment credit for approved economic development projects; provides incentives for attraction of new and expanding business including in rural areas and for high-tech companies under the Growing Alabama Act; authorizes income tax credits for use of state port facilities