The Alabama Legislature passed HB 384 last week and Governor signed it into law.  This bill is the “Moody fix”.  Basically, the law codifies the form changes ADOR made in 2013 based on a Regulation change rather than a change in the Statute.  The bill also provides for taxpayers to receive refunds for 2013 (assuming the return is not already barred by statute) – 2016 if an amended return is filed by June 30th of this year.  For 2017, a taxpayer will be allowed 100% of the credit and for years after 2017, the credit is limited.

If you have any questions, we highly recommend that you reach out to your JMF Tax Adviser or JMF shareholder Kim Smith, who runs our State and Local Tax Group.