Montgomery – As part of its continuing efforts to empower small business owners and create a pro-business atmosphere within the state, the Alabama House on Thursday awarded its approval to the “Business Personal Property Streamlining Act” a measure sponsored by State Rep. Greg Wren (R – Montgomery) and included in the House Republican Caucus’ “Commonsense Conservative Agenda” that was announced prior to the start of the 2014 regular session.
“Small businesses are the lifeblood of our economy, but rather than offering them support and reducing their burdens, the federal government continues to add more regulations and red tape to their plates,” Wren said. “Alabamians understand that if we make it easier for business owners to comply with tax laws and other regulations, they will have more time to work to expand and add more jobs, and that is the intent of this legislation.”
House Bill 108 will provide businesses with additional options for filing personal property tax returns that will simplify the process and save Alabama business owners both the money and the hassle that come with reporting and paying these taxes.
These options include an online filing system that all businesses can use and a shortened tax form available to small businesses who filed an itemized personal property tax return that included $10,000 in total property acquisition costs or less in the previous tax year.
The bill now goes to the State Senate for its consideration.