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House committee advances bill to restore immediate R&D expense deduction, makes change retroactive
Summary
Representative Virginia Faulkner told a House committee that members had amended HB 163 to make Alabama''s tax treatment of research and experimental expenditures retroactive and to restore the ability for companies to deduct those expenses in the year incurred rather than amortizing them over multiple years.
Representative Virginia Faulkner told a House committee that members had amended HB 163 to make Alabama''s tax treatment of research and experimental expenditures retroactive and to restore the ability for companies to deduct those expenses in the year incurred rather than amortizing them over multiple years.
The amendment, Faulkner said, "making this retroactive to 01/01/2024 makes this for tax purposes important for us to get this bill moved and and on through." She told the committee she was "not aware of any opposition to the bill" and noted there is a fiscal note in the meeting packet that she said was "positive for the…
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