10A-10-1.06
Section 10A-10-1.06 Declaration of trust. (a) A real estate investment trust organized under this chapter shall file its declaration of trust in the same manner as the certificate of formation of an Alabama domestic filing entity and shall be subject in all respects to the provisions of Article 4 of Chapter 1, governing filing of documents except as those provisions may be inconsistent with the provisions of this chapter. (b) The declaration of trust shall: (1) Indicate clearly that the trust is a real estate investment trust. (2) State the name of the trust. (3) State the total number of shares that the real estate investment trust has authority to issue. (4) Provide for an annual meeting of shareholders after the delivery of the annual report, at a convenient location and on proper notice. (5) Provide for the election of trustees at least every third year at an annual meeting of shareholders. (6) State the number of trustees and the names of those persons who will serve as trustees...
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10A-10-1.24
Section 10A-10-1.24 Treatment of distribution. Distributions made from ordinary income by a real estate investment trust are income. All other distributions made by the trust, including distributions from capital gains, depreciation, or depletion, whether in the form of cash or an option to take new stock or cash or an option to purchase additional shares, are principal. (Acts 1995, No. 95-628, p. 1317, §24; §10-13-24; amended and renumbered by Act 2009-513, p. 967, §310.)...
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10A-10-1.09
Section 10A-10-1.09 Powers. A real estate investment trust has the power to: (1) Unless the declaration of trust provides otherwise, have perpetual existence unaffected by any rule against perpetuities. (2) Sue, be sued, complain, and defend in all courts. (3) Transact its business, carry on its operations, and exercise the powers granted by this chapter in any state, territory, district, or possession of the United States and in any foreign country. (4) Make contracts, incur liabilities, and borrow money. (5) Sell, mortgage, lease, pledge, exchange, convey, transfer, and otherwise dispose of all or any part of its assets. (6) Issue bonds, notes, and other obligations, and secure them by mortgage or deed of trust of all or any part of its assets. (7) Subject to Section 10A-10-1.10, acquire by purchase, or in any other manner, take, receive, own, hold, use, employ, improve, encumber, and otherwise deal with any interest in real and personal property, wherever located. (8) Purchase,...
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16-6D-8
Section 16-6D-8 Tax credits; Failing Schools Income Tax Credit Account. (a) To provide educational flexibility and state accountability for students in failing schools: (1) For tax years beginning on and after January 1, 2013, an Alabama income tax credit is made available to the parent of a student enrolled in or assigned to attend a failing school to help offset the cost of transferring the student to a nonfailing public school or nonpublic school of the parent's choice. The income tax credit shall be an amount equal to 80 percent of the average annual state cost of attendance for a public K-12 student during the applicable tax year or the actual cost of attending a nonfailing public school or nonpublic school, whichever is less. The actual cost of attending a nonfailing public school or nonpublic school shall be calculated by adding together any tuition amounts or mandatory fees charged by the school to the student as a condition of enrolling or of maintaining enrollment in the...
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19-3A-505
Section 19-3A-505 Income taxes. (a) A tax required to be paid by a fiduciary based on receipts allocated to income shall be paid from income. (b) A tax required to be paid by a fiduciary based on receipts allocated to principal shall be paid from principal, even if the tax is called an income tax by the taxing authority. (c) A tax required to be paid by a fiduciary on the trust's share of an entity's taxable income shall be paid as follows: (1) From income to the extent that receipts from the entity are allocated only to income; (2) From principal to the extent that receipts from the entity are allocated only to principal; (3) Proportionately from principal and income to the extent that receipts from the entity are allocated to both income and principal; and (4) From principal to the extent that the tax exceeds the total receipts from the entity. (d) After applying subsections (a) through (c), the fiduciary shall adjust income or principal receipts to the extent that the trust's taxes...
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40-18-35
Section 40-18-35 Deductions allowed to corporations. (a) The following items shall be deducted from federal taxable income for purposes of computing taxable income under this chapter: (1) Refunds of state and local income taxes. (2) Federal income tax paid or accrued during the taxpayer's taxable year. The portion of federal income tax deductible by a corporation earning income from sources both inside and outside of Alabama shall be determined by the ratio that the corporation's taxable income, computed without the deduction for federal income tax, apportioned and allocated to Alabama bears to the corporation's taxable income, computed without the deduction for federal income tax, apportioned and allocated everywhere. (3) Interest income earned on obligations of the United States. (4)a. Interest income earned on obligations of the State of Alabama or its subdivisions or instrumentalities thereof to the extent included in gross income for the purposes of federal income taxation. b....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-35.htm - 9K - Match Info - Similar pages
40-18-271
Section 40-18-271 Deduction for businesses that hire certain unemployed persons. (a) An Alabama income tax deduction is established for employers that create new jobs for unemployed persons. The deduction shall equal 50 percent of the gross wages paid to each person hired by an employer who, at the time of such employment, was drawing unemployment compensation or whose unemployment benefits had expired. The unemployment status of the employee at the time of the employment shall be certified by the local employment agency. The deduction may be claimed in only one tax year and may not be claimed until the employee has been continuously employed by the employer for 12 months following the hire date. The deduction shall be allowed against the tax imposed by this chapter. The deduction is not refundable or transferable. The deduction shall be available, on a pro rata basis, to the owners of qualified employers that are entities taxed under subchapters S or K of the Internal Revenue Code....
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40-9F-33
Section 40-9F-33 Limitations on tax credits; Historic Income Tax Credit Account; transfer or assignment of tax credits. (a) The state portion of any tax credit against the tax imposed by Chapter 18 for the taxable year in which the certified rehabilitation is placed in service, shall be equal to 25 percent of the qualified rehabilitation expenditures for certified historic structures. No tax credit claimed for any certified rehabilitation may exceed five million dollars ($5,000,000) for all allowable property types except a certified historic residential structure, and fifty thousand dollars ($50,000) for a certified historic residential structure. (b) There is created within the Education Trust Fund a separate account named the Historic Preservation Income Tax Credit Account. The Commissioner of Revenue shall certify to the Comptroller the amount of income tax credits under this section and the Comptroller shall transfer into the Historic Preservation Income Tax Credit Account only...
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11-50-411
Section 11-50-411 Disposition of net profits of district; "net income" defined; distribution of less than net income for fiscal year; availability for payment in future fiscal years. All the net income of the gas transmission system or systems, for each fiscal year, of a gas district incorporated under this article shall, unless otherwise provided in the certificate of incorporation of such district, be divided, within a reasonable time after the close of each fiscal year, among its member municipalities in proportion to the amount of gas sold to or within each such municipality. All the net income of each gas distribution system, for each fiscal year, of any such district shall, unless otherwise provided in its certificate of incorporation, be distributed and paid, within a reasonable time after the close of each fiscal year, to the municipality or municipalities within which such distribution system is located. The term "net income" as used in the preceding two paragraphs of this...
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41-6-53
Section 41-6-53 Gifts deemed gifts to state; deduction of amount of gift for income tax purposes. Every gift to the Department of Archives and History payable into the fund, whether or not the use thereof is prescribed by the donor or the gift is designated as a memorial to a specified person, shall be deemed a gift to the State of Alabama. The donor in computing his net income for state income tax purposes for the year in which he makes the gift may deduct the amount of the gift from his gross income as authorized in Section 40-18-15. (Acts 1967, No. 522, p. 1252, §4.)...
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