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AL SB303

Bill

Status

Introduced

3/9/2022

Primary Sponsor

Arthur Orr

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Origin

Senate

Regular Session 2022

AI Summary

SB303 Summary

  • Changes reporting deadline for state agencies administering economic tax incentives from the second to the first legislative day of the regular session, beginning in 2023.

  • Modifies committee hearing schedule to require the House Ways and Means Committees and Senate Finance and Taxation Committees to conduct hearings on tax expenditure reports 30 days before the regular session begins (in odd-numbered years) rather than by the tenth legislative day.

  • Establishes sunset dates of December 31, 2027 for nine existing economic tax incentive programs, with option to extend for up to five additional years, including the Brownfield Development Tax Abatement Act, Rural Physician Tax Credit, Coal Production Tax Credit, and Entertainment Industry Incentive Act.

  • Requires all new economic tax incentive legislation beginning in 2023 to include a tax credit performance statement identifying legislative purpose, automatic expiration after five years, annual spending limits, carryforward limits, restrictions on credit transfers, and pre-certification requirements for certain credits.

  • Requires taxpayers claiming new tax credits to report the amount of tax preference claimed to the Department of Revenue beginning with tax year 2024.

Legislative Description

Economic tax incentives, reporting requirements of state agencies, Sec. 40-1-50 am'd.

Taxation

Last Action

Indefinitely Postponed

4/6/2022

Committee Referrals

Finance and Taxation Education3/9/2022

Full Bill Text

No bill text available