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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...
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40-2-11
Section 40-2-11 Powers and duties generally. It shall be the duty of the Department
of Revenue, and it shall have the power and authority, in addition to the authority now in
it vested by law: (1) To have and exercise general and complete supervision and control of
the valuation, equalization, and assessment of property, privilege, or franchise and of the
collection of all property, privilege, license, excise, intangible, franchise, or other taxes
for the state and counties, and of the enforcement of the tax laws of the state, and of the
several county tax assessors and county tax collectors, probate judges, and each and every
state and county official, board, or commission charged with any duty in the enforcement of
tax laws, to the end that all taxable property in the state shall be assessed and taxes shall
be imposed and collected thereon in compliance with the law and that all assessments on property,
privileges, intangibles, and franchises in the state shall be made in exact...
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40-9B-3
Section 40-9B-3 Definitions. (a) For purposes of this chapter, the following words and
phrases mean: (1) ABATE, ABATEMENT. A reduction or elimination of a taxpayer's liability for
tax or payments required to be made in lieu thereof. An abatement of transaction taxes imposed
under Chapter 23 of this title, or payments required to be made in lieu thereof, shall relieve
the seller from the obligation to collect and pay over the transaction tax as if the sale
were to a person exempt, to the extent of the abatement, from the transaction tax. (2) ALTERNATIVE
ENERGY RESOURCES. The definition given in Section 40-18-1. (3) CONSTRUCTION RELATED
TRANSACTION TAXES. The transaction taxes imposed by Chapter 23 of this title, or payments
required to be made in lieu thereof, on tangible personal property and taxable services incorporated
into an industrial development property, the cost of which may be added to capital account
with respect to the property, determined without regard to any rule which...
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37-11A-1
Section 37-11A-1 Execution and text of compact. The Governor, on behalf of this state,
shall execute a compact, in substantially the following form, with the State of Mississippi,
and the Legislature approves and ratifies the compact in the form substantially as follows:
Northeast Mississippi - Northwest Alabama Railroad Authority Compact. The contracting states
solemnly agree: Article I. The purpose of this compact is to promote and develop trade, commerce,
industry, and employment opportunities for the public good and welfare in northeast Mississippi
and northwest Alabama through the establishment of a joint interstate authority to acquire
certain railroad properties and facilities which the operator thereof has notified the Interstate
Commerce Commission of an intention to abandon and which are located in any of Franklin, Marion,
or Winston Counties, Alabama or in Alcorn or Tishomingo Counties, Mississippi. Article II.
This compact shall become effective immediately as to the State...
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40-18-174
Section 40-18-174 Tax imposed on certain built-in gains. (a) If for any taxable year
beginning in the recognition period an Alabama S corporation has a net recognized built-in
gain, there is hereby imposed a tax (computed under subsection (b)) on the income of such
corporation for such taxable year. (b)(1) The amount of the tax imposed by subsection (a)
shall be computed by multiplying five percent by the net recognized built-in gain of the Alabama
S corporation for the taxable year. (2) Notwithstanding Section 40-18-168, any net
operating loss carryforward which would be deductible except for Section 40-18-168
and which arose in a taxable year for which the corporation was not an Alabama S corporation,
shall be allowed as a deduction against the net recognized built-in gain of the Alabama S
corporation for the taxable year. For purposes of determining the amount of any such loss
which may be carried to subsequent taxable years, the net recognized built-in gain shall be
treated as...
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24-11-7
Section 24-11-7 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. Deduction
of Contributions, Exclusion of Earnings, and Limitations. (a) Except as otherwise provided
in this chapter and subject to the limitations under this section, a first-time and
second chance home buyer savings account holder shall be entitled to a state tax deduction,
subject to the limitations of this section, not to exceed five thousand dollars ($5,000)
for an account holder who files an individual tax return or ten thousand dollars ($10,000)
for joint account holders who file a joint tax return, for contributions made by the account
holder to a first-time and second chance home buyer savings account during the tax year in
which the deduction is claimed. (b) Except as otherwise provided in this chapter and subject
to the limitations under this section, earnings from the first-time and second chance
home buyer...
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40-18-164
Section 40-18-164 Increase or decrease in basis of shareholder's stock; special rules.
(a) The basis of each shareholder's stock in an Alabama S corporation shall be increased for
any period by the sum of the following items determined with respect to that shareholder for
the period: (1) The items of income described in subdivision (1) of subsection (a) of Section
40-18-162. (2) Any nonseparately computed income determined under subdivision (2) of subsection
(a) of Section 40-18-162. (3) The excess of the deductions for depletion over the basis
of the property subject to depletion. (b) The basis of each shareholder's stock in an Alabama
S corporation shall be decreased for any period, but not below zero, by the sum of the following
items determined with respect to the shareholder for the period: (1) Distributions by the
corporation which were not includable in the income of the shareholder by reason of Section
40-18-165. (2) The items of loss and deduction described in subdivision (1)...
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16-6D-9
Section 16-6D-9 Tax credit claims; administrative accountability; verification of requirements;
rules and procedures. (a)(1) An individual taxpayer who files a state income tax return and
is not claimed as a dependent of another taxpayer, a taxpayer subject to the corporate income
tax levied by Chapter 18 of Title 40, an Alabama S corporation as defined in Section
40-18-160, or a Subchapter K entity as defined in Section 40-18-1 may claim a credit
for a contribution made to a scholarship granting organization. If the credit is claimed by
an Alabama S corporation or Subchapter K entity, the credit shall pass through to and may
be claimed by any taxpayer eligible to claim a credit under this subdivision who is a shareholder,
partner, or member thereof, based on the taxpayer's pro rata or distributive share, respectively,
of the credit. (2) The tax credit may be claimed by an individual taxpayer or a married couple
filing jointly in an amount equal to 100 percent of the total...
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40-18-24.2
Section 40-18-24.2 Taxation of pass-through entities. (a) For purposes of this section
and Section 40-18-24.3, the following terms shall have the following meanings: (1)
MEMBER. An individual, estate, trust or business trust as defined in Section 40-18-1,
a corporation as defined in Section 40-18-1, or Subchapter K entity as defined in Section
40-18-1, that is a partner in a general, limited, limited liability, or limited liability
limited partnership, or a member of a limited liability company. (2) NONRESIDENT. a. An individual
who is not a resident of or domiciled in this state during the applicable tax year. b. A nonresident
trust as defined in Section 40-18-1. c. A nonresident estate as defined in Section
40-18-1. d. A foreign corporation as defined in Section 40-18-1, not commercially domiciled
in this state during the applicable tax year. e. A Subchapter K entity or business trust that
is created or organized under the laws of a jurisdiction other than this state and that is
not...
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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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