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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a penalty to the Department of Revenue equal to 10 percent of the amount withdrawn.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shall not apply to funds withdrawn from an account which were: a. Withdrawn by reason of the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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27-1-24.1
Section 27-1-24.1 Incentives for homeowners insurance policies with wind coverage in
certain areas. (a) Insurance carriers providing full property and casualty coverage, to specifically
include wind and hail coverage, to property owners within the areas defined in Section
27-1-24, including any portion of the area as it may be expanded from time to time pursuant
to Section 27-1-27, but only on properties that as of the time of writing are insured
for wind coverage through the Alabama Insurance Underwriting Association, may claim as a nonrefundable
credit against the insurance premium tax imposed by Chapter 4A of this title, in an amount
equal to 20 percent of the insurance premium tax otherwise due on the premium written for
the property owners for the taxable year in Zones B4, B5, M4, M5, or successor zones; and
35 percent of the insurance premium tax otherwise due on the premium written for the property
owners for the taxable year in Zones Gulf Front, B1, B2, B3, M1, M2, M3, or...
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40-14A-35
Section 40-14A-35 (Repealed for taxable years beginning on or after January 1, 2002.)
Filing of returns. (a) Every corporation organized, incorporated, qualified, or registered
under Alabama law or doing business in Alabama as of the first day of a calendar year shall
file a return with the department. The return is due not later than March 15 of each year
or, in the case of a taxpayer not in existence, not qualifying to do business, or not doing
business in Alabama on January 1 of the taxable year, two and one-half months after the taxpayer
either comes into existence, qualifies or registers to do business, or commences doing business
in Alabama. In cases where receivers, trustees in bankruptcy, or assignees are operating the
property or business of taxpayers, those receivers, trustees, or assignees shall file returns
for the taxpayers in the same manner and form as the taxpayers are required to file returns.
Any tax due on the basis of returns filed by receivers, trustees, or...
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40-7-18
Section 40-7-18 Allocation of tax obligation between transferor and foreign corporate
transferee of property sold for certain purposes. (a) The public interest lying in the promotion
of business and industry in this state, it is the intent of the Legislature and declared to
be the policy of the State of Alabama by the passage of this section to promote and
encourage industry and business in Alabama and specifically to induce the location within
this state of the principal administrative office, principal distribution or manufacturing
plant, or principal place of business of foreign corporations engaged in manufacturing, industrial,
commercial, business, transportation, utility, public service, and research enterprise. This
section shall be liberally construed in conformity with the said intention. (b) When
any real or personal property within this state is sold to, acquired by or transferred to
any foreign corporation during any property tax year in connection with locating within this...
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11-54B-57
Section 11-54B-57 Annual reports and audits. (a) Within 90 days after the close of each
fiscal year, the district management corporation shall make an annual report of its activities
for the preceding fiscal year to the governing body of the municipality. (1) Each annual report
shall include, at a minimum: a. A financial statement for the preceding year, including a
balance sheet, statement of income and loss, and such other information as is reasonably necessary
to reflect the district management corporation's actual performance, certified by the treasurer
of the corporation. b. The budget for the current fiscal year. c. In the case of a district
funded by assessments against businesses of a particular class, a list of the businesses of
the designated class that are currently operating within the district. (2) A copy of each
annual report shall be sent to the mayor, the city council, and to all property owners, or
in the case of districts funded by assessments against businesses of a...
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40-18-8
Section 40-18-8 Gain or loss - Recognition. (a) General rule. Except as provided in
this section, upon the sale or exchange of property, the entire amount of the gain
or loss determined under Section 40-18-7 shall be recognized. (b) Exchange of stock
for stock of same corporation. No gain or loss shall be recognized if common stock in a corporation
is exchanged solely for common stock in the same corporation, or if preferred stock in a corporation
is exchanged solely for preferred stock in the same corporation. (c) Like-kind exchanges.
If an exchange of property satisfies the requirements of 26 U.S.C. § 1031, relating to like-kind
exchanges, then the amount of gain or loss recognized in the exchange shall be determined
in accordance with 26 U.S.C. § 1031. (d) Involuntary conversions. If a taxpayer validly elects
to determine the amount of gain recognized for federal income tax purposes under 26 U.S.C.
§ 1033, relating to involuntary conversions, the amount of gain recognized shall...
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40-15B-2
Section 40-15B-2 Definitions. In this chapter: (1) "Apportionable estate"
means the value of the gross estate as finally determined for purposes of the estate tax to
be apportioned reduced by: (A) any claim or expense allowable as a deduction for purposes
of the tax; (B) the value of any interest in property that, for purposes of the tax, qualifies
for a marital or charitable deduction or otherwise is deductible or is exempt; and (C) any
amount added to the decedent's gross estate because of a gift tax on transfers made before
death. (2) "Estate tax" means a federal, state, or foreign tax imposed because of
the death of an individual and interest and penalties associated with the tax. The term does
not include an inheritance tax, income tax, or generation-skipping transfer tax other than
a generation-skipping transfer tax incurred on a direct skip taking effect at death. (3) "Gross
estate" means, with respect to an estate tax, all interests in property subject to the
tax. (4) "Person"...
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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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40-18-442
Section 40-18-442 (Effective for tax returns due on or after January 1, 2018) Definitions.
When used in this article, the following terms shall have the following meanings: (1) DEPARTMENT.
The Alabama Department of Revenue. (2) INCOME TAX RETURN PREPARER. (a) A person who prepares
for compensation, or who employs one or more persons to prepare for compensation, any income
tax return or claim for refund, required to be filed pursuant to this chapter. The preparation
of a substantial portion of a return or claim for refund shall be treated as the preparation
of that return or claim for refund. (b) A person is not an income tax preparer if all he or
she solely performs the following duties: 1. furnishes typing, reproducing, or other mechanical
assistance; 2. prepares returns or claims for refunds for the employer by whom he or she is
regularly and continuously employed, or for an affiliate of that employer, including a subchapter
K entity for which he or she prepares a return; 3. prepares...
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40-23-35
Section 40-23-35 Disposition of revenues from tax. (a) Such amount of money as shall
be appropriated for each fiscal year by the Legislature to the Department of Revenue with
which to pay the salaries, the cost of operation and management of the department shall be
deducted, as a first charge thereon, from the taxes collected under the provisions of this
division; provided, that the expenditure of the sum so appropriated shall be budgeted and
allotted pursuant to Article 4 of Chapter 4 of Title 41, and limited to the amount appropriated
to defray the expenses of operating the department for each fiscal year. After the payment
of the expenses, so much of the amount remaining as may be necessary, after first applying
all sums of money received by reason of the application of the surplus in the income tax as
provided by Section 40-18-58, for the replacement in the public school fund of the
three-mill constitutional levy for schools and in the General Fund of the one-mill levy for...
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