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Committee backs bill to restore immediate tax deduction for research costs, makes change retroactive
Summary
The Ways and Means General Fund Committee voted to give HB 163 a favorable report after amending it to make retroactive a change restoring immediate deductibility for research and experimental expenditures for Alabama tax purposes.
The Ways and Means General Fund Committee voted to give HB 163 a favorable report after adopting an amendment that makes the bill retroactive to Jan. 1, 2024, restoring immediate tax deductions for certain research and experimental expenditures.
Representative Virginia Faulkner, who presented the bill to the committee, said the measure would allow companies that spend money on research to take those deductions in the year they incur them instead of amortizing the costs over five years. “What this bill does is take our laws back for the deduction of of research, expenses, research and experimental expenditures,” Faulkner said. She also said, “I'm not aware of any opposition to the bill.”
The amendment inserted language…
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