Daily Recaps > 12-03-2023 - 12-02-20232 - 12-01-2023 - 11-30-2023 - 11-29-2023 - view all

Governor Ivey Signs House Bill 82, Supporting Alabama Small Businesses

Share It

MONTGOMERY – Governor Kay Ivey on Monday signed House Bill 82, the Small Business Relief and Revitalization Act of 2022 sponsored by Rep. Danny Garrett (R – HD44), into law providing immediate tax relief for Alabama small businesses.

“Small businesses are the pillars of our communities and Alabama’s economy. The Small Business Relief and Revitalization Act will provide much needed and deserved tax relief for these folks,” said Governor Ivey. “I am grateful to the Alabama Legislature for getting this important piece of legislation across the finish line. I look forward to continually supporting Alabama’s many small businesses.”

The Small Business Relief and Revitalization Act of 2022 includes corporate and income tax relief provisions, as well as sales tax and business personal property tax relief for small businesses across Alabama.

The act provides specific income tax relief to disadvantaged farmers by ensuring that the loan forgiveness provided under the American Rescue Plan is not treated as income under Alabama law and is excluded from the calculations of determining a taxpayer’s federal income tax deduction. The act further provides a one-month filing extension from the due date of tax returns for Alabama financial institution excise tax and corporate income tax.

The act also provides relief by reducing the estimated sales tax payment burden on more than 2,400 small businesses through increasing the threshold calculation from $2,500 to $5,000 and allowing sales tax licensees the option of a payment of certified funds in lieu of securing a surety bond. The Small Business Relief and Revitalization Act further provides an exemption of up to $40,000 of market value from the state business personal property tax, which effectively exempts 75% of Alabama businesses from payment of the state portion of this tax.


Source link

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments
Would love your thoughts, please comment.x