AL SB297

Excludes net capital gains derived from the exchange of precious metal bullion from Alabama state income taxes, effective January 1, 2025.

Defines "precious metal bullion" as coins, bars, or rounds containing primarily refined gold, silver, platinum, or palladium marked and valued primarily by weight, purity, and content.

Provides temporary overtime pay exemption for full-time hourly wage-paid employees earning compensation for work exceeding 40 hours per week, available for tax years beginning after December 31, 2023, and ending prior to June 30, 2025.

Requires employers to submit data to the Department of Revenue regarding total overtime compensation paid to full-time hourly employees, with initial data due by January 31, 2024, and ongoing monthly or quarterly reporting thereafter.

Directs the Department of Revenue to report collected data to the Legislative Services Agency - Fiscal Division and Department of Finance within 30 days of the data due date.