|MONTGOMERY, July 31, 2018 – The Alabama Department of Revenue has issued its preliminary guidance on the impact of the provisions of the Tax Cuts and Jobs Act (TCJA). Signed by President Donald Trump on Dec. 22, 2017, the TCJA enacted changes across the board to the federal tax system for both businesses and individuals, primarily for tax years beginning on or after Jan. 1, 2018.
The Department’s guidance addresses whether and how the provisions of the TCJA are tied to Alabama’s taxing regime, as they relate to individuals (including sole proprietors), corporations, and financial institutions.
This guidance is preliminary and subject to revision as more information becomes available, including additional federal guidance and input from other tax administrative agencies and/or the private sector.
For up-to-date TCJA guidance, visit https://revenue.alabama.gov/audience/professionals and click on “Tax Cuts and Jobs Act” in the menu on the left.