|
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
40-18-25
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-25.htm - 6K - 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
10A-10-1.21
Section 10A-10-1.21 Income tax. (a) A real estate investment trust shall be subject to the
tax imposed by Section 40-18-31, provided, that for purposes of Section 40-18-33, the "net
income" of a real estate investment trust shall mean "real estate investment trust
taxable income" as defined in 26 U.S.C. Section 857 as in effect from time to time. (b)
Solely for purposes of conforming federal law with Alabama law, the "net income"
of a real estate investment trust determined pursuant to subsection (a) shall be further adjusted
as follows: (1) The deduction for intercorporate dividends received under Section 40-18-35(a)
(7), shall not be allowed. (2) The deduction for dividends paid, as defined in 26 U.S.C. Section
561, shall be allowed but (i) shall be computed without regard to that portion of the deduction
which is attributable to the amount equal to the net income from foreclosure property as defined
in 26 U.S.C. Section 857, and (ii) shall be limited by the provisions of Section...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-10-1.21.htm - 3K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-12A-15.htm - 1K - Match Info - Similar pages
40-18-15.2
Section 40-18-15.2 Net operating loss. Individuals may calculate a net operating loss from
a trade or business and apply the net operating loss against prior taxable income or future
taxable income pursuant to this section. (1) For purposes of this section, the term "net
operating loss" means the excess of the deductions allowed by this chapter over the gross
income. The excess shall be computed with the modifications specified in subdivision (5).
(2) A net operating loss may be carried back to each of the two taxable years preceding the
taxable year of the loss. A net operating loss carryover may be carried to each of the 15
years following the taxable year of the loss. (3) The entire amount of the net operating loss
for any taxable year (hereinafter referred to as the "loss year") shall be carried
to the earliest of the taxable years to which, by reason of subdivision (2) that loss may
be carried. The portion of the loss which shall be carried to each of the other taxable years
shall...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-15.2.htm - 4K - Match Info - Similar pages
40-14-41
Section 40-14-41 (Not Effective After December 31, 1999) Levy on foreign corporations. (a)
Amount of levy. Every corporation organized under the laws of any other state, nation, or
territory and doing business in this state, except strictly benevolent, educational, or religious
corporations, shall pay annually to the state an annual franchise tax of three dollars ($3)
on each one thousand dollars ($1,000) of the actual amount of its capital employed in this
state. Corporations which have qualified to do business in this state shall for the purpose
of this title prima facie be held to be doing business in Alabama. However, in no event shall
the amount paid by any corporation for annual franchise tax be less than the sum of twenty-five
dollars ($25). (b) Definition of capital. The total capital of such foreign corporation, herein
referred to as the "taxpayer," shall equal the aggregate net amount of the following
items determined in accordance with generally accepted accounting...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-14-41.htm - 13K - Match Info - Similar pages
40-18-165
Section 40-18-165 Distribution of property generally. (a) A distribution of property made by
an Alabama S corporation with respect to its stock to which, but for this article, Section
40-18-36 would apply shall be treated in the manner provided in subsection (b) or (c) of this
section, whichever applies. (b) In the case of a distribution described in subsection (a)
of this section by an Alabama S corporation which has no accumulated earnings and profits:
(1) The distribution shall not be included in gross income to the extent that it does not
exceed the adjusted basis of the stock. (2) If the amount of the distribution exceeds the
adjusted basis of the stock, such excess shall be treated as gain from the sale or exchange
of property. (c) In the case of a distribution described in subsection (a) of this section
by an Alabama S corporation which has accumulated earnings and profits: (1) That portion of
the distribution which does not exceed the accumulated adjustments account shall be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-165.htm - 2K - Match Info - Similar pages
41-10-547
Section 41-10-547 Bonds of the authority. (a) The authority is authorized from time to time
to sell and issue its bonds for the purpose of financing project costs pertaining to one or
more projects or for the purpose of providing funds to pay training facility management fees,
or any combination of the foregoing including, without limitation, in the case of authority
obligations issued for the purpose of providing funds to pay training facility management
fees, costs, expenses, and other items of the type described in paragraphs g., h., i., and
j. of the definition of project costs in Section 41-10-541 or to enter into guaranty agreements
wherein the authority guarantees payment, in whole or in part, of debt service referable to
obligations issued by development agencies for the purpose of financing project costs pertaining
to one or more projects; provided, however, that the principal amount of authority obligations
shall not exceed three hundred million dollars ($300,000,000). For...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-547.htm - 9K - Match Info - Similar pages
40-12-253
Section 40-12-253 Ad valorem taxation of motor vehicles. (a) Effective January 1, 2000, ad
valorem taxes on motor vehicles shall be assessed and the tax collected forward on a current
basis to coincide with the collection of motor vehicle license taxes and registration fees.
(1) Ad valorem taxes on motor vehicles shall become due and payable on the first day of the
registration renewal month of the owner, the date the motor vehicle enters the State of Alabama,
the date the motor vehicle is removed from the inventory of a dealer, or the date on which
the motor vehicle is otherwise determined to be taxable, whichever comes first. Ad valorem
taxes on motor vehicles shall become delinquent on the first day of the month following the
registration renewal month for the owner or as otherwise provided by law. (2) Ad valorem tax
on motor vehicles shall be collected through the last day of the month which precedes the
assigned registration renewal month for the owner as provided in Section...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-12-253.htm - 12K - Match Info - Similar pages
|