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....
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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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