40-18-162
Section 40-18-162 Determination of tax of shareholder. (a) In determining the tax of a shareholder
for the shareholder's taxable year in which the taxable year of the Alabama S corporation
ends, or for the final taxable year of a shareholder who dies or of a trust or estate that
terminates before the end of the corporation's taxable year, there shall be taken into account
the shareholder's pro rata share of the corporation's: (1) Items of income, including tax-exempt
income, loss, deduction, or credit the separate treatment of which could affect the liability
for tax of any shareholder, including charitable contributions, and (2) Nonseparately computed
income or loss. The term "nonseparately computed income or loss" means gross income
minus the deductions allowed to the corporation under this article, determined by excluding
all items described in subdivision (1) of this subsection. (b) The character of any item included
in a shareholder's pro rata share under subsection (a) of this...
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11-29-3
Section 11-29-3 Definitions. As used in this chapter, the following words and phrases shall
have the following respective meanings: (1) FISCAL YEAR. The fiscal year of the state as may
from time to time be provided by law. (2) FUND. The "County Government Capital Improvement
Fund." (3) FUND CAPITAL. All assets of the "fund." (4) STATE. The State of
Alabama. (5) TRUST FUND. "The Alabama Trust Fund" created by Amendment Number 450
of the Constitution of Alabama of 1901. (6) TRUST INCOME. The net income received by the state,
subsequent to the transfer of the initial trust capital by the State Treasurer to the board
of trustees of the trust fund, from the investment and reinvestment of all assets of the trust
fund, determined in accordance with the provisions of Amendment Number 450 of the Constitution
of Alabama of 1901. "Trust income" does not include income which becomes part of
the trust capital of the trust fund. (Acts 1986, No. 86-206, p. 269, §3.)...
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11-66-3
Section 11-66-3 Definitions. As used in this chapter, the following words and phrases shall
have the following respective meanings: (1) FISCAL YEAR. The fiscal year of the state as may
from time to time be provided by law. (2) FUND. The "Municipal Government Capital Improvement
Fund." (3) FUND CAPITAL. All assets of the "fund." (4) STATE. The State of
Alabama. (5) TRUST FUND. "The Alabama Trust Fund" created by Amendment Number 450
of the Constitution of Alabama 1901. (6) TRUST INCOME. The net income received by the state,
subsequent to the transfer of the initial trust capital by the State Treasurer to the board
of trustees of the trust fund, from the investment and reinvestment of all assets of the trust
fund, determined in accordance with the provisions of Amendment Number 450 of the Constitution
of Alabama 1901. "Trust income" does not include income which becomes part of the
trust capital of the trust fund. (Acts 1986, No. 86-234, p. 345, §3.)...
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5-12A-15
Section 5-12A-15 Taxation. A common trust fund, whether established, maintained, and administered
pursuant to the requirements of this chapter or established, maintained, administered, and
invested in without regard to the requirements and limitations of this chapter, as provided
in Section 5-12A-13, shall not be subject to taxation under any income tax law of the State
of Alabama. The computation of gain, loss, basis, taxable income, taxable loss, and other
income tax treatment of a common trust fund and its participants, shall be determined in accordance
with 26 U.S.C. §584, as amended from time to time. Every trust institution maintaining a
common trust fund shall make a return under oath for each fiscal year stating specifically
with respect to the fund the items of gross income and the deductions allowed by law, and
shall include in the return the names and addresses of the participants entitled to share
in the net income of the fund and the amount of the proportionate share of...
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40-16-11
Section 40-16-11 Transition rules for Financial Institution Excise Tax Reform Act of 2019.
This section provides for transition rules for the implementation of the Financial Institution
Excise Tax Reform Act of 2019. (1) Act 2019-284 imposes for the first time a system of prepaid
estimated tax payments patterned after the federal system and transitions the Financial Institution
Excise Tax from the current post-payment system. To account for this transition, the Department
of Revenue shall waive both penalties and interest attributable to underpayments of estimated
tax payments occurring within the first two applicable tax years and not attributable to an
intentional disregard of the law. (2) Act 2019-284's conformity of the depreciation deduction
allowed in the calculation of the tax due under this chapter with the corollary deduction
allowed for federal income tax purposes, as well as the act's express rejection of the federal
Tax Cuts and Jobs Act of 2017's (i) limitations on the...
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40-18-25.1
Section 40-18-25.1 Estates and trusts - Exemptions. (a) Trusts shall be exempt from the tax
imposed by this chapter if they are exempt from federal income tax under 26 U.S.C. § 501
(relating to exempt organizations), § 401 (relating to pension and profit sharing trusts),
§ 408 and § 408A (relating to individual retirement accounts and individual retirement annuities),
§ 530 (relating to Coverdell education savings accounts), or § 664 (relating to charitable
remainder trusts). The foregoing exemption shall not apply, however, to any entity that is
not exempt from federal income tax by reason of 26 U.S.C. §§ 502 or 503, nor to any income
of an otherwise exempt organization to the extent that such income constitutes "unrelated
business taxable income," as defined in 26 U.S.C. § 512. (b) The taxation of distributions
from a trust described in 26 U.S.C. § 401 that constitutes a "defined contribution plan"
as defined in 26 U.S.C. § 414(i) shall be determined in accordance with 26...
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40-18-376
Section 40-18-376 Investment credit; realization methods; regulations. (a) If provided for
in the project agreement, the incentivized company is allowed an investment credit in an annual
amount equal to 1.5 percent of the capital investment incurred as of the beginning of the
incentive period, to be used as follows: (1) To offset the income taxes found in this chapter,
or as an estimated tax payment of income taxes; (2) To offset the financial institution excise
tax found in Chapter 16; (3) To offset the insurance premium tax levied by Section 27-4A-3(a),
or as an estimated payment of insurance premium tax; (4) To offset utility taxes; or (5) To
offset some combination of the foregoing, so long as the same credit is used only once. The
incentive period shall begin no earlier than the placed-in-service date. The incentive period
shall be 10 years. Should only some portion of a tax year be included in the incentive period,
the amount of the investment credit shall be prorated on a daily...
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16-16A-7
Section 16-16A-7 Additional findings; bonds authorized; procedures. (a) The Legislature finds
that the number of students attending the several school systems located in those areas of
North Alabama that will be directly impacted by the 2005 BRAC and Subsequent BRAC Actions
will collectively increase by an estimated 9,000 students. As a result, there will be a need
for the construction of additional school facilities as well as the renovation of existing
school facilities. The Legislature also finds that the 2005 BRAC and Subsequent BRAC Actions
will have a positive impact on future receipts to the Education Trust Fund, as the significant
population growth in North Alabama will increase sales, income, and other tax collections.
Thus, it is an efficient use of state funds to allow such revenue growth to help pay for capital
improvement costs associated with BRAC-related school construction. (b) The Alabama Public
School and College Authority is hereby authorized to sell and issue its...
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19-3-300
Section 19-3-300 Trustee not to engage in certain acts subjecting trust to federal taxation.
Notwithstanding any provision to the contrary in the governing instrument or under any other
law of this state and except as otherwise provided by judgment of a court or by a provision
of the governing instrument, which in either case is entered or made after October 1, 1971,
and expressly limits the applicability of this article, the trustee of a trust, whenever created,
which is or is treated as a private foundation as defined in Section 509 of the Internal Revenue
Code of 1954, a charitable trust as defined in Section 4947(a)(1) of the Internal Revenue
Code of 1954, or a split-interest trust as defined in Section 4947(a)(2) of the Internal Revenue
Code of 1954, during the period it is or is treated as a private foundation, charitable trust
or split-interest trust as so defined: (1) Shall not engage in any act of self-dealing as
defined in Section 4941(d) thereof; (2) Shall distribute for...
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19-3A-102
Section 19-3A-102 Definitions. As used in this chapter, the following terms are defined as
follows: (1) ACCOUNTING PERIOD. A calendar year unless another 12-month period is selected
by a fiduciary. The term includes a portion of a calendar year or other 12-month period that
begins when an income interest begins or ends when an income interest ends. (2) BENEFICIARY.
Includes, in the case of a decedent's estate, an heir, legatee, and devisee and, in the case
of a trust, an income beneficiary and a remainder beneficiary. (3) FIDUCIARY. A personal representative
or a trustee. The term includes an executor, administrator, successor personal representative,
special administrator, and a person performing substantially the same function. (4) INCOME.
Money or property that a fiduciary receives as current return from a principal asset. The
term also includes a portion of receipts from a sale, exchange, or liquidation of a principal
asset, to the extent provided in Article 4. (5) INCOME...
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