The Alabama Legislature adjourned sine die on June 6 and concluded a productive session for tax and incentive bills. A few of the notable measures include the renewal of and enhancements to the Alabama Jobs Act and Growing...more
On Tuesday night, May 28, Gov. Kay Ivey signed into law House Bill 419, the Alabama Financial Institution Excise Tax Reform Act of 2019 (FIETRA), which resulted from a collaborative effort between the banking community,...more
5/31/2019
/ Banking Sector ,
Corporate Taxes ,
Department of Revenue ,
Excise Tax ,
Federal Agency Taskforce ,
Federal Taxes ,
Financial Institutions ,
Governor Ivey ,
Income Taxes ,
New Legislation ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Planning ,
Tax Reform
Gov. Kay Ivey signed House Bill 384, into law last Wednesday, March 28, ending a debate that has lasted for almost a decade over the scope of the individual income tax credit for certain taxes paid to other states. ...more
Wednesday, Gov. Kay Ivey designated 158 qualifying low-income or distressed census tracts within Alabama as Opportunity Zones (OZ) under the new OZ program created by the Tax Cuts and Jobs Act, which defers and potentially...more
3/23/2018
/ Capital Gains ,
Community Development ,
Economic Development ,
Investment Funds ,
Low Income Housing ,
Low-Income Issues ,
New Legislation ,
New Market Tax Credits ,
Opportunity Zones ,
Public Finance ,
State and Local Government ,
Step-Up Basis ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
Tax Reform ,
Trump Administration
The original Alabama Historic Tax Credit (“HTC”) program was successful in stimulating the redevelopment of aging properties across Alabama, and was particularly recognized for its role in the revitalization of downtown...more
The Alabama Senate adjourned sine die on Thursday, June 4, and the Alabama House of Representatives met for their last day on Thursday, June 11. Although the legislature passed a record-setting, $6 billion Education Trust...more
The Alabama Senate adjourned late Thursday afternoon, June 4, leaving a number of pending bills on the table. Although the legislature passed a record-setting $6 billion Education Trust Fund budget, the issue that pervaded...more
This SALT Alert summarizes the major legislative, judicial, and administrative developments affecting Alabama business taxpayers with respect to income, transactional, and property taxes, as well as several updates on...more
Mississippi recently enacted two pieces of legislation that should encourage private investment in the state. The Strengthening Mississippi Academic Research Through Business (SMART Business) Act (House Bill 826), which...more
The Alabama Legislature adjourned near midnight on May 20, closing a session that saw lawmakers grant final passage of the two operating budgets and of amendments to the controversial Alabama Accountability Act. With respect...more