Toll road and bridge fees, income tax credit for state taxpayers for payments to Ala. Toll Road, Bridge, and Tunnel Authority, Revenue Dept. authorized to adopt rules, funds transferred from sales tax revenue to cover
Impact
The implementation of SB85 is expected to influence state laws by formally recognizing and incentivizing the payment of toll fees through an income tax credit mechanism. This shift not only aids in mitigating the financial burden on users but also aligns with broader objectives of state revenue management by redirecting certain sales tax revenues to support this initiative. Furthermore, a separate account within the Education Trust Fund, designated as the Toll Authority Income Tax Credit Account, will facilitate the processing of these credits, ensuring that the funds are managed appropriately.
Summary
SB85 proposes to establish an income tax credit for eligible Alabama taxpayers who pay toll fees associated with toll roads, bridges, or tunnels constructed with public funds. The bill aims to provide a financial incentive for taxpayers who regularly utilize these infrastructure projects, encouraging usage of newly constructed transportation routes that may enhance statewide mobility and reduce congestion on older roadways. This approach signifies the state’s commitment to enhancing its infrastructure while simultaneously providing relief to taxpayers who shoulder the costs of utilizing these facilities.
Contention
Notable points of contention surrounding SB85 include discussions on the impacts of toll fees on low-income individuals and the potential revenue loss from the income tax credit. Critics may argue that while the intent is to promote infrastructure use, the reliance on tolls can disproportionately affect lower-income residents who may struggle to afford added fees for travel. Furthermore, the bill would require careful analysis and monitoring to ensure the tax credits do not result in significant fiscal burdens on the state while attempting to balance the promotion of public infrastructure improvements.
International wire transfers; fee on wire transfers imposed with proceeds for ELL instructors; income tax credit for wire transfer fees paid, authorized; Securities Commission and Revenue Department to administer
International wire transfers; fee on wire transfers imposed; income tax credit for wire transfer fees paid, authorized; Securities Commission and Revenue Department to administer
Local land bank authorities, tax sale property acquisitions, tax exemption for acquired properties, tax revenue allocation, conveyance to state and local governments, multijurisdictional land bank authorities, Governor authorized to create upon state of emergency.
Local land bank authorities; tax sale properties acquisitions; tax exemption for acquired properties; tax revenue allocation; conveyance to state and local governments under certain circumstances; creation of local land bank authorities authorized under certain conditions
Income Taxes; to make technical changes to the funding provisions of the CHOOSE Act credits and increase funding, and to extend the sunset date for deductions for ABLE contributions.