40-18-311
Section 40-18-311 Income tax deduction; contributions to catastrophe savings account. (a) An
individual taxpayer is allowed a deduction against income earned for state income tax purposes
imposed pursuant to Section 40-18-5, for amounts contributed to a catastrophe savings account
in accordance with subsection (c) and all interest income earned by a catastrophe savings
account is exempt from the tax imposed pursuant to Section 40-18-5. (b) A catastrophe savings
account is not subject to attachment, levy, garnishment, or legal process in this state. (c)
The total amount that may be contributed to a catastrophe savings account must not exceed
any of the following: (1) In the case of an individual whose qualified deductible is less
than or equal to one thousand dollars ($1,000), two thousand dollars ($2,000). (2) In the
case of an individual whose qualified deductible is greater than one thousand dollars ($1,000),
the amount equal to the lesser of fifteen thousand dollars ($15,000) or...
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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-4
Section 37-11C-4 Allowance and claim of tax credits; Railroad Rehabilitation Income Tax Credit
Account; written transfer agreements. (a) For tax years beginning after December 31, 2019,
there is a credit allowed against the state income tax levied by Section 40-18-2 equal to
50 percent of an eligible taxpayer's qualified railroad rehabilitation expenditures. The tax
credit allowed under this section may not exceed three thousand five hundred dollars ($3,500)
multiplied by the number of miles of railroad track owned or leased within the state by the
eligible taxpayer at the close of the taxable year. (b) There is created within the Education
Trust Fund a separate account named the Railroad Rehabilitation Income Tax Credit Account.
The Commissioner of Revenue shall certify to the state Comptroller the amount of income tax
credits under this section and the state Comptroller shall transfer into the Railroad Rehabilitation
Income Tax Credit Account only the amount from sales tax revenues...
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19-3A-505
Section 19-3A-505 Income taxes. (a) A tax required to be paid by a fiduciary based on receipts
allocated to income shall be paid from income. (b) A tax required to be paid by a fiduciary
based on receipts allocated to principal shall be paid from principal, even if the tax is
called an income tax by the taxing authority. (c) A tax required to be paid by a fiduciary
on the trust's share of an entity's taxable income shall be paid as follows: (1) From income
to the extent that receipts from the entity are allocated only to income; (2) From principal
to the extent that receipts from the entity are allocated only to principal; (3) Proportionately
from principal and income to the extent that receipts from the entity are allocated to both
income and principal; and (4) From principal to the extent that the tax exceeds the total
receipts from the entity. (d) After applying subsections (a) through (c), the fiduciary shall
adjust income or principal receipts to the extent that the trust's taxes...
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40-18-137
Section 40-18-137 Credit limited to income tax liability. The tax credit available to an employer
pursuant to this article shall be limited to the amount of the employer's income tax liability
for the taxable year as computed without regard to this article. (Acts 1993, 1st Ex. Sess.,
No. 93-907, p. 204, §3.)...
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40-18-9
Section 40-18-9 Gain or loss - Optional method for returning as income increases in redemption
value of securities purchased at a discount. If, in the case of a taxpayer owning any noninterest-bearing
obligation issued at a discount and redeemable for fixed amounts increasing at stated intervals,
the increase in the redemption price of such obligation occurring in the taxable year does
not, under the method of accounting used in computing his net income, constitute income to
him in such year, such taxpayer may, at his election made in his return for any taxable year
beginning after December 31, 1942, treat such increase as income received in such taxable
year. If any such election is made with respect to any such obligation it shall apply also
to all such obligations owned by the taxpayer at the beginning of the first taxable year to
which it applies and to all such obligations thereafter acquired by him and shall be binding
for all subsequent taxable years, unless upon application by...
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45-3A-51.04
Section 45-3A-51.04 Returns; computation, deduction, and transmission of tax. On or before
30 days after the end of the tax year, each person, firm, or corporation liable for the payment
of a privilege tax as levied by this part shall make a return showing the gross proceeds of
business done and compute the amount of tax chargeable against him or her, or it in accordance
with this part and deduct the amount of monthly payments as hereinbefore provided, if any
have been made, and transmit with this report a remittance in the form required by this part
covering the residue of the tax chargeable against him or her, to the city, and such report
shall be verified by oath. (Act 96-620, p. 986, §5.)...
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40-18-15.7
Section 40-18-15.7 (Effective for tax years beginning after December 31, 2017) Optional increased
standard deduction for qualified persons. (a) A person qualifying for the optional increased
standard deduction is an Alabama resident, single person, or married persons filing a joint
return that meet all of the following criteria: (1) Alabama gross income of less than one
hundred thousand dollars ($100,000). (2) Zero dollars ($0) of non-wage income. (3) Has no
dependents or is not claiming any expense or deduction associated with any dependents. (4)
Does not claim any itemized deductions. (5) Does not claim any adjustments to income as prescribed
in Section 40-18-14.2. (6) Does not claim the federal income tax deduction as provided in
Section 40-18-15. (7) Does not claim any credits that are available to offset any portion
of the tax levied in this chapter. (8) Is not required to make estimated payments as provided
for in Sections 40-18-80. (9) Is not claiming any gain or loss as...
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40-18-170
Section 40-18-170 Circumstances under which corporation treated as partnership; "two-percent
shareholder" defined. For purposes of applying the provisions of this chapter which relate
to employee fringe benefits, the Alabama S corporation shall be treated as a partnership,
and any two-percent shareholder of the Alabama S corporation shall be treated as a partner
of such partnership. The term "two-percent shareholder" means any person who owns,
or is considered as owning in accordance with 26 U.S.C. §318, as in effect from time to time,
on any day during the taxable year of the Alabama S corporation more than two percent of the
outstanding stock of such corporation or stock possessing more than two percent of the total
combined voting power of all stock of such corporation. (Code 1975, §40-14-100; Acts 1984,
1st Ex. Sess., No. 84-756, p. 121, §11; Acts 1989, No. 89-837, p. 1671, §8.)...
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40-18-271
Section 40-18-271 Deduction for businesses that hire certain unemployed persons. (a) An Alabama
income tax deduction is established for employers that create new jobs for unemployed persons.
The deduction shall equal 50 percent of the gross wages paid to each person hired by an employer
who, at the time of such employment, was drawing unemployment compensation or whose unemployment
benefits had expired. The unemployment status of the employee at the time of the employment
shall be certified by the local employment agency. The deduction may be claimed in only one
tax year and may not be claimed until the employee has been continuously employed by the employer
for 12 months following the hire date. The deduction shall be allowed against the tax imposed
by this chapter. The deduction is not refundable or transferable. The deduction shall be available,
on a pro rata basis, to the owners of qualified employers that are entities taxed under subchapters
S or K of the Internal Revenue Code....
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