HB82 - Small Business Relief and Revitalization Act of 2022

• Exempts cancellation of indebtedness income from loans forgiven under Section 1005 of the federal American Rescue Plan Act from Alabama state income taxes, with the same treatment as federal law.

• Extends the due date for filing financial institution excise tax and corporate income tax returns by one month following the corresponding federal return due date for tax years beginning January 1, 2021 or later.

• Provides a $40,000 ad valorem tax exemption on business tangible personal property, with counties and municipalities able to adopt the exemption by resolution or ordinance 90 days before October 1.

• Allows businesses to deposit certified funds with the Department of Revenue as an alternative to purchasing a one-time $25,000 surety bond for retail sales licenses.

• Increases the average monthly sales tax liability threshold for required estimated payments from $2,500 to $5,000.