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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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40-18-30
Section 40-18-30 Return when accounting period changes. (a) Taxpayer filing separate returns.
If a taxpayer, with the approval of the Department of Revenue, changes the basis of computing
taxable income from the fiscal year to the calendar year, a separate return shall be filed
for the period between the close of the last fiscal year for which return shall be made and
the following December 31. If the change is made from the calendar year to the fiscal year,
a separate return shall be filed for the period between the close of the last calendar year
for which return was filed and the date designated as the close of the last fiscal year. If
the change is made from one fiscal year to another fiscal year, a separate return shall be
filed for the period between the close of the former fiscal year and the date designated as
the close of the new fiscal year. If a taxpayer filing the taxpayer's first return for income
tax keeps accounts on the basis of a fiscal year, the taxpayer shall file a...
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24-1A-44
Section 24-1A-44 Alternative housing programs; certified amounts; modification and depletion.
(a) Mortgage guarantee fund. In addition to the uses provided in Section 24-1A-43, commencing
on March 3, 2014, the mortgage guarantee fund established by the Alabama Home Buyers Initiative
Act, including all funds appropriated for the mortgage guarantee fund and all interest or
investment earnings thereon, shall be made available to fund alternative housing programs
in accordance with this section, and Sections 24-1A-41.1 and 24-1A-42. (b) Investment income
on mortgage guarantee fund. All interest or investment income, if any, on funds deposited
in the mortgage guarantee fund shall be credited to, and shall remain part of, the mortgage
guarantee fund. (c) Establishment of alternative housing programs. In order to establish an
alternative housing program, the program administrator shall certify in writing to the State
Treasurer that: (1) There is a specific dollar amount of funds on deposit in...
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40-18-15.5
Section 40-18-15.5 Deductions for certain retrofitting or upgrades to homes - Residence in
Alabama. (a) Any individual taxpayer, whose legal residence is located in Alabama, shall be
allowed a deduction from taxable income, regardless of whether the taxpayer itemizes his or
her income tax deductions, in calculating the income tax imposed pursuant to Section 40-18-5,
for certain retrofit costs as described in this section. The deduction shall be allowed for
the costs incurred to retrofit a structure qualifying as the legal residence of the taxpayer
to make the structure more resistant to loss due to hurricane, tornado, other catastrophic
windstorm event, or rising floodwaters. (b) In order to qualify for the state income tax deduction
allowed pursuant to this section, costs may include ordinary repair, replacement, and upgrades
to existing residential property and new construction so long as the repair, replacement,
and upgrades are designed to resist loss associated with any windstorm...
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40-18-160
Section 40-18-160 General provisions. (a) An Alabama S corporation shall not be subject to
the tax imposed by Section 40-18-31. (b) For purposes of this chapter, an "Alabama S
corporation" is a corporation: (1) With respect to which an election under 26 U.S.C.
§1362 is in effect; or (2)a. With respect to which there is in effect an election under 26
U.S.C. §1361(b)(3) to treat such corporation as a qualified subchapter S subsidiary; and
b. All the stock of which is owned by an S corporation qualifying as an "Alabama S corporation"
under subdivision (b)(1). No corporation shall be an Alabama S corporation for any portion
of a taxable year of the corporation during which an election under 26 U.S.C. §1362 or §1361(b)(3),
whichever is applicable, is not in effect for federal income tax purposes. No corporation
shall be an Alabama S corporation if it is a financial institution, as defined in Section
40-16-1. (c) For purposes of this chapter, an "Alabama C corporation" means any...
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26-9-2
Section 26-9-2 Definitions. When used in this chapter, the following words and phrases shall
have the following meanings, respectively, unless the context clearly indicates otherwise:
(1) PERSON. A partnership, corporation, or an association. (2) ADMINISTRATION. The United
States Veterans' Administration or its successor. (3) ESTATE and INCOME. Such terms include
only moneys received by the guardian from the Veterans' Administration and all earnings, interest,
and profits derived therefrom. (4) BENEFITS. All moneys payable by the United States through
the Veterans' Administration. (5) ADMINISTRATOR. The Administrator of Veterans' Affairs of
the United States Veterans' Administration. (6) WARD. A beneficiary of the administration.
(7) GUARDIAN. Any person acting as a fiduciary for a ward and includes a conservator appointed
under Alabama Uniform Guardianship and Protective Proceedings Act. (Acts 1931, No. 240, p.
280; Code 1940, T. 21, §160; Acts 1987, No. 87-590, p. 975, §2-333(b).)...
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41-9-219.4
Section 41-9-219.4 Recapture of tax credit; notice (a) The Department of Revenue shall recapture,
from the taxpayer that claimed or is entitled to claim the credit on a return, the tax credit
allowed under this article if, at any time during the seven-year period beginning on the date
of the original issue to the qualified equity investment in a qualified community development
entity, one of the following occurs: (1) Where any amount of the federal tax credit available
with respect to a qualified equity investment that is eligible for a tax credit under this
article is recaptured under Section 45D of the Internal Revenue Code of 1986, as amended,
the Department of Revenue's recapture shall be proportionate to the federal recapture with
respect to that qualified equity investment, and may then reallocate the recaptured credits
to other qualified taxpayers in the year of recapture, without regard for the annual allocation
limitation found in Section 41-9-219.2. (2) The Department of...
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40-14B-14
Section 40-14B-14 Vested premium tax credit - Generally. (a) A certified investor who makes
an investment of certified capital shall in the year of investment earn a vested credit against
state premium tax liability equal to 100 percent of the certified investor's investment of
certified capital, subject to the limits imposed by this chapter. A certified investor may
take up to 12.5 percent of the vested premium tax credit in any taxable year of the certified
investor, beginning in the second calendar year after the investment. (b) The credit to be
applied against state premium tax liability in any one year may not exceed the state premium
tax liability of the certified investor for the taxable year. Any unused credit against state
premium tax liability may be carried forward indefinitely until the premium tax credits are
used. (c) A certified investor claiming a credit against state premium tax liability earned
through an investment in a company is not required to pay any additional...
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40-16-10
Section 40-16-10 Computation of net income of financial institutions. (a) In computing the
net income of financial institutions subject to the tax imposed by this chapter, there shall
be allowed, in addition to the deductions specified therein, a deduction for the sum of the
net operating losses which may be carried forward to the taxable year for which the net income
of the financial institution is being computed. (1) The term "net operating loss"
for the purposes of this chapter means the amount by which net income of the financial institution,
before the deduction allowed by this section, with respect to a taxable year is less than
zero. For purposes of this section, the financial institution's net income shall be determined
under this chapter applicable to the year in which the net operating loss arises. (2) A net
operating loss shall be carried forward to the earliest subsequent taxable year in which the
financial institution has net income greater than zero, determined without...
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40-18-342
Section 40-18-342 Tax credit for equipment and conversion costs. (a)(1) Subject to subdivision
(2), for all tax years beginning after December 31, 2011, until tax year ending December 31,
2017, there shall be allowed to any agricultural trade or business an income tax credit equal
to 20 percent of the cost of the purchase and installation of any qualified irrigation equipment
and any conversion costs related to the conversion of irrigation equipment from fuel to electricity
or qualified reservoirs. For a surface water withdrawal irrigation system to be eligible for
credit, the irrigation system must operate utilizing a qualified reservoir, except when the
surface water withdrawal is directly from any river or stream whose average annual flow exceeds
8,000 cubic feet per second. A qualified reservoir is not required for a ground water withdrawal
irrigation system. The credit shall be equal to 20 percent of the accrued cost of the qualified
irrigation equipment and the cost of...
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