AL SB2

For the 2021 tax year, excludes federal income tax reductions from enhanced child tax credits, earned income tax credits, and child and dependent care tax credits under the American Rescue Plan Act from Alabama's federal income tax deduction calculation, instead using Internal Revenue Code provisions in effect on December 31, 2020.

Allows financial institution excise taxpayers one additional month following the federal income tax return due date to file Alabama financial institution excise tax returns for tax years beginning January 1, 2021 or later, without extending the tax payment deadline.

Allows corporate income taxpayers one additional month following the federal income tax return due date to file Alabama corporate income tax returns for tax years beginning January 1, 2021 or later, without extending the tax payment deadline.

Authorizes the Department of Revenue discretion to grant a one-month filing extension for financial institution excise and corporate income taxpayers for tax years beginning January 1, 2020 through December 31, 2020, upon taxpayer request and departmental approval.

Authorizes the Department of Revenue to adopt rules for implementation and becomes effective immediately upon passage and approval by the Governor.