Alabama Gov. Kay Ivey signed a bill today that will save many businesses $100 on their taxes.The privilege tax is based on a company’s net worth and taxable income. Businesses have been required to pay at least $100 as a minimum. The new law reduces the minimum to $50 next year and eliminates the minimum in 2024 and beyond.
An estimated 230,000 small businesses pay the minimum, so the total tax savings are expected to be $23 million. “Alabama’s small businesses are the soul of our economy, and as long as I am your governor, I will continue to be a champion for these hardworking men and women. We are providing real relief to our small businesses,” Ivey said in a press release. “I commend Chairman Clouse and Senator Butler for their leadership and the Alabama Legislature for their work to support our small businesses. This will go a long way in providing support for some 230,000 small businesses for years to come.
She needs to eliminate the pointless gas tax
'real relief' $100 a year is real relief? Easy there, Saint Nick.
But somehow eliminating taxes on groceries still has to be 'paid for.'
So the state is going to lose $23 million due to old $$ getting rid of this $100 tax for businesses only? Sounds about right. Now forgive my student loan debt since you can hand out free $hit & tax breaks to businesses.