Amendment of Amendment No. 212

Amendment No. 212

The legislature shall have power to levy and provide for the collection of taxes for state purposes on taxable income of corporations, from whatever source derived, for the calendar year 1963, or for any fiscal year beginning in the calendar year 1963, and each year thereafter, at a rate not exceeding five percent. However, the rate shall be six and one-half percent on taxable income of corporations for the calendar year 2001, or for any fiscal year beginning in the calendar year 2001, and each year thereafter. All federal income taxes paid or accrued within the taxable year by corporations shall always be deductible in computing income taxable under the income tax laws of this state, provided that in the case of foreign corporations the amount of federal income tax deductible shall be in proportion to income derived from sources within Alabama, to be determined in accordance with such laws as the legislature may enact. The increase in the corporate income tax rate to six and one-half percent provided by this amendment shall be self-executing and shall require no enabling legislation.