FISCAL NOTE

House Bill 588 as passed the House of Representatives will not directly affect state or local funding.

As substituted and amended by the Committee on Finance and Taxation Education, this bill would authorize the Department of Revenue to waive any estimated tax penalties and interest assessments for the quarterly estimated tax payment due on April 15, 2021 that would otherwise be assessed for individuals or pass-through entity taxpayers adversely affected by the retroactive provisions of this bill. Additionally, this bill clarifies that Growing Alabama Credits may be claimed by pass-through entities that make a contribution to an economic development organization approved by the Renewed Alabama Commission.