Signed by Governor Kay Ivey

Vote Smart's Synopsis:

Vote to pass a bill that establishes the Small Business Relief and Revitalization Act of 2022.

Highlights:

• Establishes the Small Business Relief and Revitalization Act of 2022 (Sec. 1).

• Requires that all loans forgiven under the American Rescue Plan Act of 2021 be exempt from state and federal income taxes and not included in deductions for the tax years following the passage of the Plan (Sec. 2, Pg. 2).

• Extends the time period to file income tax returns for financial institution excise taxpayers and corporate income taxpayers (Sec. 3, Pg .3).

• Exempts certain tangible personal property owned by businesses from ad valorem taxes (Sec. 4, Pg. 12).

• Exempts all US, state and local bonds from ad valorem taxes (Sec. 4, Pg. 5).

• Exempts all real and personal property of the US, state, and local governments and corporations from ad valorem taxes (Sec. 4, Pg. 5).

• Exempts all cemeteries, places of worship, schools, and places of charitable purpose from ad valorem taxes (Sec. 4, Pg. 5).

• Specifies that buildings owned by such institutions or corporations for business purposes that do not directly fund educational, religious, or charitable activities are not exempt from taxes (Sec. 4, Pg. 5).

• Exempts certain mortgages and money deposited in banking institutions from ad valorem taxes (Sec. 4, Pg .6).

• Exempts certain hospital property and shares of stock for corporations that own or operate hospitals (Sec. 4, Pg. 6).

• Exempts all property owned by the American Legion, the Veterans of Foreign Wars, and the Disabled American Veterans (Sec. 4, Pg. 7).

• Exempts property owned by literary and scientific institutions (Sec. 4, Pg. 7).

• Exempts certain property owned by deaf, mute, blind, and mentally ill persons (Sec. 4, Pg. 8).

• Exempts all cotton, livestock, poultry, and produce raised in the state (Sec. 4, Pg. 8).

• Exempts all family portraits (Sec. 4, Pg. 8).

• Exempts certain apparel, farming tools, and tools used by mechanics (Sec. 4, Pg. 8).

• Exempts certain athletic stadiums owned by universities and colleges (Sec. 4, Pg. 9).

• Exempts all materials stored and used in manufacturing in the state (Sec. 4, Pg. 10).

• Exempts all property of the Alabama National Guard and certain veterans (Sec. 4, Pg. 10).

• Exempts certain tobacco (Sec. 4, Pg .11).

• Exempts various household valuables and appliances (Sec. 4, Pg. 10).

• Exempts devices and facilities that reduce water and air pollution (Sec. 4, pg. 11).

• Exempts all stored goods and merchandise (Sec. 4, Pg. 12).

• Exempts shrimping vessels and equipment (Sec. 4, Pg. 12).

• Authorizes the depositing of money with the Department of Revenue in lieu of applying for a one-time surety bond (Sec. 5, Pg. 14).

• Specifies procedure for filing state sales tax returns (Sec. 5, Pgs. 17-20).

• Specifies that Section 4 of this act takes effect October 1, 2023, Section 5 takes effect on the first day of the third month following approval by the Governor, and all other sections take effect immediately after passage and approval (Sec. 7, Pgs. 20 & 21).

Full Bill Text