5-24-1
Section 5-24-1 Definitions. In this chapter: (1) ACCOUNT means a contract of deposit between a depositor and a financial institution, and includes a checking account, savings account, time deposit, certificate of deposit, and share account. (2) AGENT means a person authorized to make account transactions for a party. (3) BENEFICIARY means a person named as one to whom sums on deposit in an account are payable on request after death of all parties or for whom a party is named as trustee. (4) DEVISEE means any person designated in a will to receive a testamentary disposition of real or personal property. (5) FINANCIAL INSTITUTION means an organization authorized to do business under state or federal laws relating to financial institutions, and includes a bank, trust company, savings bank, building and loan association, savings and loan company or association, and credit union. (6) HEIRS means those persons, including surviving spouse, who are entitled under the statutes of intestate...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-24-1.htm - 4K - Match Info - Similar pages
40-14A-24
Section 40-14A-24 Net worth in Alabama. (a) A taxpayer's net worth in Alabama shall be determined by apportioning the taxpayer's net worth computed under Section 40-14A-23 in the same manner as prescribed for apportioning income during the determination period for purposes of the income tax levied by Chapter 18, or the manner in which the income would be apportioned if the taxpayer were subject to the income tax, or for the purposes of the financial institution excise tax levied by Chapter 16; provided, however, that the net worth of insurers subject to the insurance premium tax levied by Chapter 4A of Title 27 shall be apportioned on the basis of the ratio of the insurer's Alabama premium income to its nationwide total direct premiums as reflected on schedule T of the insurer's annual statement filed with the Commissioner of Insurance for the then immediately preceding calendar year. (b) There shall be deducted from the amount of net worth in Alabama as determined in accordance with...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-14A-24.htm - 8K - Match Info - Similar pages
40-18-322
Section 40-18-322 Eligibility for tax credit. For all tax years beginning on or after January 1, 2018, a qualified employer subject to the requirements of this article and Sections 40-18-290 through 40-18-293 shall be eligible for an additional nonrefundable credit against the income tax liability imposed or the state portion of the financial institution excise tax owed in an amount equal to two thousand dollars ($2,000) for each new unemployed or combat veteran hired after March 12, 2018, for a full-time position paying at least fourteen dollars ($14) per hour, the majority of the duties of which are at a business location within Alabama. The additional credit shall be available in the tax year during which the employee has completed 12 months of consecutive employment. (Act 2012-168, p. 254, §3; Act 2018-194, §3.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-322.htm - 1K - Match Info - Similar pages
40-18-8.1
Section 40-18-8.1 Gain or loss - Recognition of gains invested in opportunity zones. (a) A qualified employee's gain shall not be recognized upon the disposition of his or her ownership interest in a qualified entity, and a qualified investment fund's gain shall not be recognized upon the disposition of the fund's ownership interest in a qualified entity. (b) Subsection (a) shall be applied as to each of the following taxes: (1) The income tax levied by this chapter, or the estimated income tax payment; and (2) The financial institution excise tax found in Chapter 16. (c) The following terms shall have the following meanings: (1) A company is anyone or anything with the powers to conduct a lawful business. (2) The disposition date is the date on which an ownership interest in a qualified entity is sold or otherwise disposed of, triggering a capital gain. (3) A qualified entity is any company which meets all of the following: a. As of August 5, 2019, Alabama is not the company's...
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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
40-16-1.2
Section 40-16-1.2 Additional items included in federal taxable income; items deducted from federal taxable income. (a) The following items shall be added to federal taxable income for purposes of computing net income under this chapter: (1) The tax due under this chapter that is deducted in computing federal taxable income. (2) State and local taxes that are deducted for purposes of calculating federal taxable income for which a credit is claimed under Section 40-16-8, to the extent the credit is utilized to reduce the tax owed under this chapter. (3) Refunds of federal income taxes deducted in prior tax periods for purposes of computing the tax due under this chapter. (4) Dividends received from a corporation in which the taxpayer owns less than 20 percent of the stock, by vote and value, but only to the extent the dividends are properly deducted in computing taxable income for federal income tax purposes. (5) State, county, and municipal interest income from loans and securities that...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-16-1.2.htm - 3K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-21.htm - 7K - Match Info - Similar pages
40-18-2
Section 40-18-2 Levied; persons and subjects taxable generally. (a) In addition to all other taxes now imposed by law, there is hereby levied and imposed a tax on the taxable income, as defined in this chapter, which tax shall be assessed, collected, and paid annually at the rate specified herein and for each taxable year as hereinafter provided. Persons and subjects taxable under this chapter are: (1) Every individual residing in Alabama. (2) Every corporation domiciled in Alabama or licensed or qualified to transact business in Alabama. (3) Every corporation doing business in Alabama or deriving income from sources within Alabama, including income from property located in Alabama. (4) Every nonresident estate or nonresident trust receiving income from property owned or business transacted in Alabama. (5) Every resident estate and resident trust. (6) Every nonresident individual receiving income from property owned or business transacted in Alabama. (b) Every natural person domiciled...
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40-18-79
Section 40-18-79 Overpayment of tax. Where there has been an overpayment of any tax imposed under Section 40-18-71 or 40-18-80, the amount of such overpayment, if a petition for refund is timely filed or the department otherwise allows an automatic refund within that period, may be credited against any income tax or installment thereof then due from the taxpayer, and any balance shall be refunded to the taxpayer or if the taxpayer's bank or other financial institution, pursuant to the State Financial External Lead Program or any other similar program selected by the department, certifies a petition for reimbursement that it has credited the taxpayer's account in the amount of the refund due the taxpayer because the taxpayer's refund was erroneously reversed by the department, then the balance shall be paid to the bank or other financial institution as reimbursement. Any costs or reimbursement incurred shall be paid from the same funds to which income tax revenues are deposited. (Acts...
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5-12A-15
Section 5-12A-15 Taxation. A common trust fund, whether established, maintained, and administered pursuant to the requirements of this chapter or established, maintained, administered, and invested in without regard to the requirements and limitations of this chapter, as provided in Section 5-12A-13, shall not be subject to taxation under any income tax law of the State of Alabama. The computation of gain, loss, basis, taxable income, taxable loss, and other income tax treatment of a common trust fund and its participants, shall be determined in accordance with 26 U.S.C. §584, as amended from time to time. Every trust institution maintaining a common trust fund shall make a return under oath for each fiscal year stating specifically with respect to the fund the items of gross income and the deductions allowed by law, and shall include in the return the names and addresses of the participants entitled to share in the net income of the fund and the amount of the proportionate share of...
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