40-9F-4
Section 40-9F-4 Tax credits calculated, claimed, reserved, granted; transfer or assignment of tax credits. (a) The state portion of any tax credit against the tax imposed by Chapters 16 and 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, and shall be 10 percent of the qualified rehabilitation expenditures for qualified pre-1936 non-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) The entire tax credit may be claimed by the taxpayer in the taxable year in which the certified rehabilitation is placed in service. Where the taxes owed by the taxpayer are less than the tax credit, the taxpayer shall not be...
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40-18-422
Section 40-18-422 (Credit expires after 2025 tax year unless extended.) Tax credit for eligible employers of apprentices. (a) For tax years beginning on or after January 1, 2017, through the tax year beginning January 1, 2019, an Alabama income tax credit is allowed for eligible employers that employ an apprentice for at least seven full months of the prior taxable year. The credit shall equal up to one thousand dollars ($1,000) for each apprentice employed, not to exceed five apprentices employed. The Department of Revenue, in consultation with the Workforce Development Division of the Department of Commerce, shall establish a scale reflecting ranges of amounts of money an employer has invested in an eligible apprentice and a corresponding tax credit amount and shall award the tax credit in accordance with this scale following confirmation from the Workforce Development Division that the apprentice for whom the credit is claimed is in compliance with all federal and state requirements...
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37-11C-2
Section 37-11C-2 Definitions. As used in this chapter, the following words shall have the following meanings: (1) CLASS II RAILROAD. A carrier classified as a Class II railroad pursuant to 49 CFR § 1201, or other rule adopted by the United States Surface Transportation Board. (2) CLASS III RAILROAD. A carrier classified as a Class III railroad pursuant to 49 CFR § 1201, or other rule adopted by the United States Surface Transportation Board. (3) DEPARTMENT. The Alabama Department of Commerce. (4) ELIGIBLE TAXPAYER. A railroad that owns or leases railroad infrastructure in Alabama and is classified by the United States Surface Transportation Board as a Class II or Class III railroad. (5) ELIGIBLE TRANSFEREE. A taxpayer who is transferred a tax credit allowed by this chapter by an eligible taxpayer. (6) QUALIFIED RAILROAD REHABILITATION EXPENDITURES. Expenditures within the taxable year for maintenance, deductible maintenance of way expenses, reconstruction, or replacement of railroad...
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41-9-219.4
Section 41-9-219.4 Recapture of tax credit; notice (a) The Department of Revenue shall recapture, from the taxpayer that claimed or is entitled to claim the credit on a return, the tax credit allowed under this article if, at any time during the seven-year period beginning on the date of the original issue to the qualified equity investment in a qualified community development entity, one of the following occurs: (1) Where any amount of the federal tax credit available with respect to a qualified equity investment that is eligible for a tax credit under this article is recaptured under Section 45D of the Internal Revenue Code of 1986, as amended, the Department of Revenue's recapture shall be proportionate to the federal recapture with respect to that qualified equity investment, and may then reallocate the recaptured credits to other qualified taxpayers in the year of recapture, without regard for the annual allocation limitation found in Section 41-9-219.2. (2) The Department of...
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40-18-342
Section 40-18-342 Tax credit for equipment and conversion costs. (a)(1) Subject to subdivision (2), for all tax years beginning after December 31, 2011, until tax year ending December 31, 2017, there shall be allowed to any agricultural trade or business an income tax credit equal to 20 percent of the cost of the purchase and installation of any qualified irrigation equipment and any conversion costs related to the conversion of irrigation equipment from fuel to electricity or qualified reservoirs. For a surface water withdrawal irrigation system to be eligible for credit, the irrigation system must operate utilizing a qualified reservoir, except when the surface water withdrawal is directly from any river or stream whose average annual flow exceeds 8,000 cubic feet per second. A qualified reservoir is not required for a ground water withdrawal irrigation system. The credit shall be equal to 20 percent of the accrued cost of the qualified irrigation equipment and the cost of...
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24-11-8
Section 24-11-8 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE MARCH 28, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Penalty for Withdrawal for Purpose Other Than Eligible Costs. Except as otherwise provided in this section, if the account holder withdraws any funds from a first-time and second chance home buyer savings account for a purpose other than eligible costs for the purchase of a single-family residence in this state, the following shall apply: (1) The entire balance of the fund, including interest and other income on principal, shall be included in the account holder's taxable income for the tax year in which the withdrawal was made. (2) The account holder shall pay a penalty to the Department of Revenue equal to 10 percent of the amount withdrawn. The penalty shall not apply to funds withdrawn from an account which were: a. Withdrawn by reason of the account holder's death or disability or due to unemployment after the account...
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40-9F-31
Section 40-9F-31 Definitions. As used in this article, the following terms shall have the following meanings: (1) CERTIFIED HISTORIC STRUCTURE. A property located in Alabama which is at least sixty years old, unless the structure is an historic structure located within the boundaries of a National Monument or Park as declared by the United States Congress or the President of the United States, in which case the federal age provisions shall apply, and is certified by the Alabama Historical Commission as being individually listed in the National Register of Historic Places, eligible for listing in the National Register of Historic Places, or certified by the commission as contributing to the historic significance of a Registered Historic District. (2) CERTIFIED REHABILITATION. Repairs or alterations to a certified historic structure that is certified by the commission as meeting the U.S. Secretary of the Interior's Standards for Rehabilitation which meet the requirements contained in...
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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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40-29B-4
Section 40-29B-4 Eligibility. (a) Notwithstanding any provision of law to the contrary, and except as provided in subsection (b) of Section 40-29B-3, the following taxes are eligible for amnesty: (1) Taxes due prior to January 1, 2017. (2) Taxes for taxable periods that began before January 1, 2017. (b) Participation in the amnesty program shall be conditioned upon the agreement of the taxpayer to waive any right to protest or initiate an administrative or judicial proceeding. The agreement shall apply only to the specific tax and the tax period for which amnesty is granted. (c) Amnesty may be granted only for eligible taxes to eligible taxpayers who have not been contacted by the department in the past two years concerning the tax type for which amnesty has been applied and who apply for amnesty during the amnesty period prescribed by this chapter. Amnesty applications must be submitted in an electronic manner as prescribed by the department. (d) Amnesty applications shall include a...
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38-14-1
Section 38-14-1 Definitions. As used in this chapter, the following terms shall have the following meanings: (1) DEPARTMENT. The Department of Human Resources. (2) ELIGIBLE INDIVIDUAL or FAMILY MEMBER. A person whose household income is equal to or less than 80 percent of the median household income for the state or less than 200 percent of the federal poverty guidelines, whichever is greater. (3) EMERGENCY. Payments for necessary medical expenses of the account owner or family member, expenses to avoid the eviction of the account owner from the account owner's primary residence, and for necessary living expenses following a loss of income (4) FIDUCIARY ORGANIZATION. Any nonprofit, fund-raising organization that is exempt from taxation under Section 501(c)(3) of the Internal Revenue Code, as amended; any certified community development financial institution; any credit union chartered under federal or state law; or any Indian tribe as defined in Section 4(12) of the Native American...
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