Ala. Code § 40-18-500 Short Title.
40-18-500. Short Title.
This article shall be known and cited as the Small Business Relief and Revitalization Act of 2022.
(Act 2022-53, §1.)
Small Business Relief and Revitalization Act of 2022.
Ala. Code tit. 40, ch. 18, art. 24
in effectAla. Code § 40-18-501 Exemption from Income Taxes of Certain Income from Cancellation of Indebtedness.
40-18-501. Exemption from Income Taxes of Certain Income from Cancellation of Indebtedness.
For tax years ending after the enactment of the federal American Rescue Plan Act of 2021, any amount of cancellation of indebtedness income resulting from a loan forgiven under Section 1005 of the federal American Rescue Plan Act shall be all of the following:
(1) Exempt from income taxes imposed by this chapter to the same extent as the amount is exempt from federal income tax under Section 1005 of the federal American Rescue Plan Act of 2021.
(2) Not considered in determining the deductibility of otherwise deductible expenses allowed to be paid with the exempt funds, including, but not limited to, payroll, utilities, mortgage interest, or rent, to the same extent as the expenses remain deductible in calculating federal income tax under Section 1005 of the federal American Rescue Plan Act of 2021.
(3) Excluded from any and all calculations in determining a taxpayer’s federal income tax deduction pursuant to this chapter.
(Act 2022-53, §2.)
Ala. Code § 40-18-502 Rulemaking Authority.
40-18-502. Rulemaking Authority.
The Department of Revenue may adopt rules for the implementation and administration of this article.
(Act 2022-53, §6.)
Source: Alabama Legislature (alison.legislature.state.al.us)URL: https://alison.legislature.state.al.us/code-of-alabamaFetched: 10/20/2026