Bruce Ely was quoted in State Tax Today regarding the proposed constitutional amendment, SB 409 or the Simplified Flat Tax Act of 2015. Currently under review in the Alabama Senate Committee on Finance and Taxation Education, the amendment would implement a flat tax for personal and corporate income taxes.
“A simplified flat tax in Alabama is long overdue, especially for individuals,” said Ely. “We instead cherry-pick many Internal Revenue Code provisions while exempting certain types of income and granting additional deductions that the federal code doesn’t. It’s a nightmare for CPAs.”
Read the complete article, "Senate Taxwriters Considering Flat Tax Bill,” which first appeared in State Tax Notes on May 11, 2015.