By
Associated Press
.
Published: Thu, March 13, 2008 - 3:34 am
Last Updated: Thu, March 13, 2008 - 3:38 am
MONTGOMERY, Ala. (AP) - A House committee yesterday voted toexempt federal tax rebates from Alabama income taxes.
The House Education Appropriations Committee approved on a voice
vote a bill that exempts the tax rebates from state taxes. But the
bill was amended to remove an incentive from state taxes that's
offered in the federal tax rebate package.
The federal package allows businesses to double the amount that
they deduct for the depreciating value of equipment. But the
committee voted to allow businesses to take only the current
deduction.
Committee chairman Richard Lindsey said the change in the
business deduction was made to prevent a loss to the state
education budget.
$4 Million In Unclaimed Refunds
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