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AL HB62
Bill
Status
1/11/2022
Primary Sponsor
Ben Robbins
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AI Summary
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Amends Section 40-12-223 of the Code of Alabama 1975 to add a new exemption (16) from lease tax for gross proceeds from leasing or rental of tangible personal property to a lessee who is a nonprofit corporation as defined in Section 10A-3-1.02.
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Adds nonprofit corporations to the existing list of 15 exemptions from Alabama's lease tax, which currently includes exemptions for film leases, government entities, aircraft lessees, and various other specialized transactions.
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The exemption applies only to leases where the lessee is a nonprofit corporation, as specifically defined under Alabama law.
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The act becomes effective on October 1, 2022, following passage and approval by the Governor or upon otherwise becoming law.
Legislative Description
Lease tax exemptions, to provide a lease tax exemption for lease transactions to nonprofit corporations, Sec. 40-12-223 am'd.
Taxation
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund
1/11/2022