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Post details: Alabama --Corporate, Personal Income Taxes: Decoupling Legislation Alive in Special Session
05/30/08
Alabama --Corporate, Personal Income Taxes: Decoupling Legislation Alive in Special Session
CCH (cch.taxgroup.com) reports:
After failing to pass decoupling legislation in its regular legislative session (see TAXDAY, 2008/5/21, S.3), the Alabama Legislature is considering proposed legislation in its first special session that would decouple Alabama corporate and personal income tax laws from the bonus depreciation and IRC §179 asset expense election changes made by the federal Economic Stimulus Act of 2008 (ESA) (P.L. 110-185). Alabama currently conforms to federal depreciation and asset expense election provisions. The bill also would exclude the ESA federal tax rebates from Alabama personal income tax.
H.B. 56 and H.B. 66, First Special Session, introduced May 27, 2008.
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