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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25-14-5
Section 25-14-5 Registration requirements; limited registration; reciprocity; fees. (a)(1) A person may not provide, advertise, or otherwise hold itself out as providing professional employer services in this state unless the person is registered under this chapter to operate a professional employer organization. (2) Each person desiring to operate as a professional employer organization shall file with the secretary a completed registration form to include the following information: a. The name or names under which the professional employer organization conducts business. b. The address of the principal place of business of the professional employer organization and the address of each office it maintains in this state. c. The professional employer organization's taxpayer or employer identification number. d. A list by jurisdiction of each name under which the professional employer organization has operated in the preceding five years, including any alternative names, names of...
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22-6A-2
Section 22-6A-2 Health care sharing ministry. (a) Health care sharing ministry means a faith-based nonprofit organization that is tax exempt under the Internal Revenue Code and which does all of the following: (1) Limits its participants to those who are of a similar faith. (2) Acts as a facilitator among participants who have financial or medical needs and matches those participants with other participants with the present ability to assist those with financial or medical needs in accordance with criteria established by the health care sharing ministry. (3) Provides for the financial or medical needs of a participant through contributions from one participant to another. (b) The health care sharing ministry shall specify to participants that participants may contribute with no assumption of risk or promise to pay among the participants and no assumption of risk or promise to pay by the health care sharing ministry to the participants. (c) The health care sharing ministry shall provide...
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24-11-5
Section 24-11-5 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. Account Holder Responsibilities. The account holder shall do all of the following: (1) Not use funds held in a first-time and second chance home buyer savings account to pay expenses of administering the account, except that a service or other account fee may be deducted from the account by the financial institution in which the account is held. (2) Submit the following to the Department of Revenue with the account holder's Alabama income tax return: a. Detailed information, in a form prescribed by the Department of Revenue, regarding the first-time and second chance home buyer savings account, including a list of transactions for the account during the tax year. b. Form 1099 issued by the financial institution for the account. (3) Submit to the department, upon a withdrawal of funds from a first-time and second chance...
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27-43-4
Section 27-43-4 Applicability of chapter. The insurance laws of this state, including this chapter, do not apply to: (1) Retainer contracts made by attorneys-at-law with individual clients with fees based on estimates of the nature and amount of services to be provided to the specific client and similar contracts made with a group of clients involved in the same or closely related legal matters; (2) Any lawyer referral services authorized by the State Bar of Alabama; (3) The furnishing of legal assistance by labor unions and other employee organizations to their members in matters relating to employment or occupations; (4) The furnishing of legal assistance to members and/or dependents by churches, cooperatives, educational institutions, credit unions, labor unions, or other organizations of employees, where such organizations contract with and pay directly a lawyer or law firm(s) for the provision of legal services, where the assistance is provided as an incident to membership and not...
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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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40-18-392
Section 40-18-392 (Tax credit expires January 1, 2019, per subsection (g)). Qualifications for and applicability of tax credit. (a) An Alabama small business tax credit is hereby allowed for any Alabama small business employer that creates a new job and hires a new full-time employee to fill that job. The credit shall be a one-time credit equal to one thousand five hundred dollars ($1,500) for each qualified new employee, and shall only be applicable to a tax year in which the new employee has completed 12 months of consecutive full-time employment with the employer. (b) To qualify for the credit, the employer must have a net employee growth as of the last date of each tax year during which the employer claims a credit pursuant to this article. The net employee growth must equal or exceed the number of qualified new employees for which a credit is sought in the current or applicable tax year, plus the total number of qualified new employees for whom credits were claimed pursuant to...
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40-18-58
Section 40-18-58 Appropriation. There is hereby appropriated out of the proceeds of the income tax levied and collected under the provisions of this chapter to the Property Tax Relief Fund such an amount as may be necessary for the replacement of any revenues lost by reason of the exemption of homesteads from all state ad valorem taxes as provided for in this title, after provision has been made for the payment of any and all expenses incurred by the Department of Revenue in the administration of this chapter and in the collection of the taxes as provided herein; provided, that the amount of such expenses, including salary, travel, equipment, and all items of cost necessary for the enforcement of the provisions of this chapter shall be limited to the amount appropriated therefor by the Legislature in the general appropriation bill and shall be budgeted, allotted and expended pursuant to the provisions of Article 4 of Chapter 4 of Title 41. The Comptroller, with the approval of the...
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36-36-6
Section 36-36-6 Sources of funding; use of assets; distributions; modification and termination of trusts; taxation; financial statement. (a) The sources of funding to the Alabama Retired State Employees' Health Care Trust may be: (1) appropriations made by the Legislature; (2) contributions by employees and retired employees; (3) employer contributions; (4) investment income; (5) proceeds of any gifts, grants, or contributions; (6) transfers from the State Employees' Insurance Fund; and (7) all other sources permitted by law. (b) The sources of funding to the Alabama Retired Education Employees' Health Care Trust may be: (1) appropriations made by the Legislature; (2) contributions by employees and retired employees; (3) employer contributions; (4) investment income; (5) proceeds of any gifts, grants, or contributions; (6) transfers from the Public Education Employees' Health Insurance Fund; and (7) all other sources permitted by law. (c) The agreements creating the trusts shall be...
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40-18-19
Section 40-18-19 Exemptions - Generally. (a) The following exemptions from income taxation shall be allowed to every individual resident taxpayer: (1) Retirement allowances, pensions and annuities, or optional allowances, approved by the Board of Control of the Teachers' Retirement System of Alabama, which exempt status is set out in Section 16-25-23. (2) Retirement allowances, pensions and annuities or optional allowances, approved by the Board of Control of the Employees' Retirement System of Alabama, which exempt status is set out in Section 36-27-28. (3) The first eight thousand dollars ($8,000) of any retirement compensation, retirement allowances, pensions and annuities, or optional allowances, received by any eligible firefighter, as defined in Sections 36-32-1 and 36-32-2, or his or her designated beneficiary, from any firefighting agency established in the State of Alabama, but only if such retirement compensation, retirement allowances, pensions and annuities, or optional...
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