On Thursday, April 25, Gov. Kay Ivey signed into law House Bill 187, now Act 2024-113. Act 2024-113 allows CY taxpayers to make the election for 2024 on or before September 15, 2025, via their MAT account. For tax years beginning on or after January 1, 2025, the election may be made on the tax return itself (vs. via MAT), “including any extensions which have been granted.”

ASCPA is happy to have supported this bill and would like to thank Todd Hindsman, Lyvonnia Poppell, and Karen Miller for their assistance.

Another bill to watch is House Bill 230 sponsored by Rep. Margie Wilcox and supported by Rep. Kerry Underwood. This bill would reduce receipts to the State General Fund and the Secretary of State Corporations Fund by an estimated maximum of $560,000 and $240,000, annually, respectively, beginning in Fiscal Year 2025, by repealing the requirement for certain corporations to file an annual report and pay the associated $10 filing fee. This bill would also reduce the administrative obligations of the Secretary of State to no longer collect and maintain these reports. For more information on this bill, click here to read B radley's SALT Alert from 4/26/24.

For more information on these and other legislative updates, check out the Legislative Advocacy page on our website by clicking here.