SB189 - Small Business Relief and Revitalization Act of 2022

• Exempts cancellation of indebtedness income from Paycheck Protection Program loans forgiven under the federal American Rescue Plan Act from Alabama state income tax for tax years ending after the Act's enactment.

• Extends filing due dates by one month for financial institution excise tax and corporate income tax returns (for tax years beginning January 1, 2021 and later), without deferring payment deadlines.

• Provides exemption of up to $40,000 in market value of business tangible personal property from state ad valorem tax, with counties and municipalities able to adopt the exemption for local taxes by resolution or ordinance.

• Allows certified fund deposits to be made to the Department of Revenue in lieu of purchasing one-time surety bonds for retail sales tax licensees, including both initial licensees and non-compliant licensees.

• Increases the threshold for requiring estimated sales tax payments from $2,500 to $5,000 in average monthly sales tax liability during the preceding calendar year.