Act 352, HB 292

Session2006 Regular Session
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HB292
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83530-5
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By Representative Knight
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RFD: Education Finance and Appropriations
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First Read: 10-JAN-06
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HB292
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ENROLLED, An Act,
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To amend Sections 40-18-15 and 40-18-19, Code of
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Alabama 1975, to increase the personal and dependent
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exemptions and raise the optional standard deduction to
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increase the threshold at which the state imposes individual
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income taxation on taxpayers with adjusted gross income of
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$30,000 or less; to increase the dependent exemption for
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taxpayers with adjusted gross income of $100,000 or less; and
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to direct the State Treasurer to calculate and deposit
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interest income to the Education Trust Fund Proration
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Prevention Account pursuant to Section 40-1-32.1(f) of the
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Code of Alabama 1975.
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BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
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Section 1. Sections 40-18-15 and 40-18-19, Code of
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Alabama 1975, are hereby amended as follows:
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"§40-18-15.
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"(a) No deduction shall be allowed for any losses,
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expenses, or interest deferred or disallowed pursuant to 26
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U.S.C. § 267 or for any cost required to be capitalized in
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accordance with 26 U.S.C. § 263A; otherwise, there shall be
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allowed as deductions:
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(1) All ordinary and necessary expenses paid or
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incurred during the taxable year in carrying on any trade or
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business, as determined in accordance with 26 U.S.C. § 162.
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