State and Local Tax (SALT) partner Jimmy Long was quoted in Birmingham Business Journal regarding proposed income tax legislation that may slow down Alabama’s economic development. A proposal in the legislature calls for companies to report their income taxes as a combined entity. The combined reporting measure requires businesses to file a single income tax report, instead of being able to file separately, which in theory would increase the tax base but reduce the share attributable to Alabama.
“There will certainly be some winners and losers… especially by limiting the ability of a group to share their losses and credits, along with including each other’s income,” Long said. “It is difficult to tell what the impact will be.”
The complete article, “Expert warns proposed income tax change could derail Alabama eco-devo,” first appeared in the BBJ on February 8, 2016. (login required)