Here's what you need to know about new rules that took effect on Jan. 1
The Alabama Secretary of State’s office has announced new rules concerning privilege tax filing requirements.
There is now a full exemption from the business privilege tax on tax due of $100 or less for the taxable years beginning after Dec. 31, 2023. Taxpayers whose business privilege tax is calculated to be $100 or less are not required to file a Business Privilege Tax Return.
Also, beginning on Jan. 1, the Alabama Secretary of State Corporation Annual Report will no longer be filed with the Business Privilege Tax return.
The Secretary of State’s Business Services Division will begin processing the Annual Reports for Domestic and Foreign For-Profit Corporations and Professional Corporations starting Jan. 1. These will be the only entities required to file an Annual Report. Annual Reports from other entities will not be accepted. The filing fee is $10 per Annual Report.
To learn more, visit the Secretary of State’s website.
