Governor Kay Ivey and the Alabama Department of Revenue announced today that the state income tax filing due date is extended from April 15, 2020, to July 15, 2020. In addition, Ivey announced last week that small businesses impacted by the coronavirus pandemic are eligible for assistance.
The governor said taxpayers can defer state income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers.
“It is imperative we reduce the burden upon Alabamians and get folks back on their feet financially,” said Ivey. “The safety and wellbeing of Alabamians is the paramount priority as we do everything within our power to mitigate the spread of the Coronavirus.”
Other taxes included in the deadline extension are corporate income tax, the Financial Institution Excise Tax (FIET), and the Business Privilege Tax (BPT).
Taxpayers do not need to file any additional forms or call the Alabama Department of Revenue to qualify for this automatic state tax filing and payment relief. Individual taxpayers who need additional time to file beyond the July 15 deadline can request a filing extension through the usual methods.
Small businesses in Alabama negatively impacted by the pandemic are eligible for help through the U.S. Small Business Administration’s Economic Injury Disaster Loan (EIDL) program.
The program will help qualified businesses and non-profit organizations recover from economic losses tied to the abrupt downturn triggered by the COVID-19 disease.
“Small businesses represent the backbone of Alabama’s economy, and many of them need immediate help in these trying times,” Ivey said. “My team has worked closely with the SBA in recent days to make this economic assistance possible. We’re all grateful to President Trump and the SBA for responding rapidly to the problems faced by small businesses in Alabama.”
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for an eligible small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
These low-interest loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
Businesses must qualify for EIDL assistance. For more information, go to the SBA’s COVID-19 disaster assistance web page.