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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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37-11C-4
Section 37-11C-4 Allowance and claim of tax credits; Railroad Rehabilitation Income
Tax Credit Account; written transfer agreements. (a) For tax years beginning after December
31, 2019, there is a credit allowed against the state income tax levied by Section
40-18-2 equal to 50 percent of an eligible taxpayer's qualified railroad rehabilitation expenditures.
The tax credit allowed under this section may not exceed three thousand five hundred
dollars ($3,500) multiplied by the number of miles of railroad track owned or leased within
the state by the eligible taxpayer at the close of the taxable year. (b) There is created
within the Education Trust Fund a separate account named the Railroad Rehabilitation Income
Tax Credit Account. The Commissioner of Revenue shall certify to the state Comptroller the
amount of income tax credits under this section and the state Comptroller shall transfer
into the Railroad Rehabilitation Income Tax Credit Account only the amount from sales tax
revenues...
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40-18-21
Section 40-18-21 Credits for taxes paid on income from sources outside the state and
for job development fees. (a)(1) For the purpose of ascertaining the income tax due under
the provisions of this chapter by individual residents of Alabama whose gross income, as defined
herein, is derived from sources both within and outside the State of Alabama, there shall
be allowed a credit against the amount of tax found to be due by such resident, on account
of income derived from outside the State of Alabama, the amount of income tax actually paid
by such resident to any state or territory on account of business transacted or property held,
directly or indirectly, outside the State of Alabama. Resident individual owners of Subchapter
K entities, Alabama S corporations, and beneficiaries of estates or trusts who include their
proportionate share of the income arising from one or more of these entities in their Alabama
gross income shall be allowed a credit for their proportionate share of the...
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38-14-6
Section 38-14-6 Source of deposits; limitations on deposits. (a) Deposits to individual
development accounts made by the account owner shall come from earned income, including, but
not limited to, wages, earned income tax credit returns, child support payments, supplemental
security income (SSI), disability benefits, community service under TANF, AmeriCorps stipends,
VISTA stipends, and job training programs. (b) Eligible individuals shall certify that their
deposits do not exceed their income. A cap on deposits made by the account owner is set at
two thousand dollars ($2,000). (Act 2011-641, p. 1626, §6.)...
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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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40-16-10
Section 40-16-10 Computation of net income of financial institutions. (a) In computing
the net income of financial institutions subject to the tax imposed by this chapter, there
shall be allowed, in addition to the deductions specified therein, a deduction for the sum
of the net operating losses which may be carried forward to the taxable year for which the
net income of the financial institution is being computed. (1) The term "net operating
loss" for the purposes of this chapter means the amount by which net income of the financial
institution, before the deduction allowed by this section, with respect to a taxable
year is less than zero. For purposes of this section, the financial institution's net
income shall be determined under this chapter applicable to the year in which the net operating
loss arises. (2) A net operating loss shall be carried forward to the earliest subsequent
taxable year in which the financial institution has net income greater than zero, determined
without...
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40-16-4
Section 40-16-4 Levy; reporting of tax; promulgation of rules. (a)(1) Every such financial
institution engaging in any of the following businesses: (i) Banking; (ii) Conducting the
business of a financial institution as defined in this chapter; (iii) Conducting a credit
card business through the issuance of credit cards to Alabama residents or businesses; or
(iv) Conducting a business employing moneyed capital coming into competition with the business
of national banks shall pay to the state annually for each taxable year an excise tax measured
by its net income allocated and apportioned for the taxable year at the rate of six and one-half
percent of the net income. (2) For purposes of the excise tax imposed by this chapter, any
financial institution which has income from business activity that is taxable both within
and without this state shall allocate and apportion its net income as provided in rules which
shall be prescribed by the Department of Revenue, provided that such rules...
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40-16-1
Section 40-16-1 Definitions. For the purpose of this chapter, the following terms shall
have the respective meanings ascribed to them by this section: (1) FINANCIAL INSTITUTION.
Any person, firm, corporation, and any legal entity whatsoever doing business in this state
as a national banking association, bank, banking association, trust company, industrial or
other loan company or building and loan association, and such term shall likewise include
any other institution or person employing moneyed capital coming into competition with the
business of national banks, and shall apply to such person or institution regardless of what
business form and whether or not incorporated, whether of issue or not, and by whatsoever
authority existing. The common parent corporation of a controlled group of corporations eligible
to elect to file a consolidated excise tax return, in accordance with Section 40-16-3,
shall be considered a financial institution if such parent corporation is a registered bank...
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40-18-25
Section 40-18-25 Estates and trusts. (a) For purposes of this chapter, the income and
deductions, including the distribution deduction, of estates and trusts shall be determined
in accordance with Subchapter J of Chapter 1 of Subtitle A of the Internal Revenue Code, 26
U.S.C. §641 et seq., relating to estates, trusts, beneficiaries, and decedents, except as
otherwise provided in this section. (1) The income and deductions shall be increased
by any items that are includable or deductible by an individual in computing Alabama income
tax but are not includable or not deductible by an individual in computing federal income
tax. (2) The income and deductions shall be decreased by any items that are not includable
or not deductible by an individual in computing Alabama income tax but are includable or deductible
by an individual in computing federal income tax. (b) For purposes of this chapter, the income
and deductions of beneficiaries of estates and trusts, and persons who are treated as...
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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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