Gov. Kay Ivey signed a bill eliminating a $100 tax for many Alabama businesses.
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.
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