11-32-7
Section 11-32-7 Powers of authority. (a) The authority shall exercise powers and duties necessary
to the discharge of its powers and duties in corporate form as follows: (1) Have succession
by its corporate name in perpetuity subject to Section 11-32-20. (2) Sue and be sued in its
own name in civil suits and actions and defend suits against it. (3) Adopt and make use of
a corporate seal and alter the same at its pleasure. (4) Adopt and alter bylaws for the regulation
and conduct of its affairs and business. (5) Acquire, receive, take, by purchase, gift, lease,
devise, or otherwise, and hold property of every description, real, personal, or mixed, whether
located in one or more counties or municipalities and whether located within or outside the
authorizing county. (6) Make, enter into, and execute contracts, agreements, leases, and other
instruments and take other actions as may be necessary or convenient to accomplish any purpose
for which the authority was organized, or exercise any...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-32-7.htm - 14K - Match Info - Similar pages

40-18-15.4
Section 40-18-15.4 Deductions for certain retrofitting or upgrades to homes - Residence in
Alabama Insurance Underwriting Association zone. (a) An individual taxpayer, whose legal residence
is located in an Alabama Insurance Underwriting Association zone pursuant to Section 27-1-17,
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, as specified in Section 27-31D-2, a structure qualifying
as the legal residence of a taxpayer to make the residence more resistant to loss due to a
hurricane, tornado, or other catastrophic windstorm event. (b) In order to qualify for the
state income tax deduction allowed pursuant to this section, the costs may not include ordinary
repair or replacement of existing items, and shall be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-15.4.htm - 2K - Match Info - Similar pages

19-3A-413
Section 19-3A-413 Property not productive of income. (a) If a marital deduction is allowed
for all or part of a trust whose assets consist substantially of property that does not provide
the spouse with sufficient income from or use of the trust assets, and if the amounts that
the fiduciary transfers from principal to income pursuant to Section 19-3A-104, if applicable,
and distributes to the spouse from principal pursuant to the terms of the trust are insufficient
to provide the spouse with the beneficial enjoyment required to obtain the marital deduction,
then the spouse may require the fiduciary (1) to make property productive of income, (2) to
convert property within a reasonable time or (3) to exercise the power conferred by Section
19-3A-104(a), if applicable. The fiduciary may decide which action or combination of actions
to take. (b) In cases not governed by subsection (a), a fiduciary shall allocate to principal
the proceeds from the sale or other disposition of an asset...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3A-413.htm - 1K - Match Info - Similar pages

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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-15.5.htm - 2K - Match Info - Similar pages

40-18-14.2
Section 40-18-14.2 Adjusted gross income. (a) The term "adjusted gross income," as
used in this section, shall mean the gross income as defined by Section 40-18-14, minus the
following deductions: (1) The deductions allowed by this chapter, other than the net operating
loss deduction allowed under Section 40-18-15.2, which are attributable to a trade or business
carried on by the taxpayer if the trade or business does not consist of the performance of
services by the taxpayer as an employee; (2) The deduction allowed by this chapter for travel
expenses of Alabama state legislators while away from home to the extent reimbursed by the
State of Alabama; (3) The deductions allowed by this chapter which consist of expenses paid
or incurred by the taxpayer in connection with the performance by him or her of services as
an employee, to the extent reimbursed by his or her employer; (4) The deductions allowed by
this chapter attributable to property held for the production of rents or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-14.2.htm - 2K - Match Info - Similar pages

25-4-152
Section 25-4-152 Deduction of child support obligations; procedures; reimbursement for administrative
costs; time of implementation; deduction of federal income tax. (a) (1) An individual filing
a claim for unemployment compensation shall, at the time of filing such claim, disclose whether
or not the individual owes child support obligations as defined under subdivision (7). If
any such individual discloses that he or she owes child support obligations, and is determined
to be eligible for unemployment compensation, the secretary shall notify the state or local
child support enforcement agency enforcing such obligation that the individual has been determined
to be eligible for unemployment compensation. (2) The secretary shall deduct and withhold
from any unemployment compensation payable to an individual who owes child support obligations
as defined under subdivision (7). a. The amount specified by the individual to the secretary
to be deducted and withheld under this subdivision, if...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/25-4-152.htm - 5K - Match Info - Similar pages

40-18-35.1
Section 40-18-35.1 Carry forward of net operating losses. In computing the taxable income of
corporations subject to income tax as outlined in Section 40-18-35, 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 corporation
is being computed. (1) The term "net operating loss" for the purposes of this section
means the excess of the deductions (other than the deduction allowed by this subdivision)
allowed by this chapter during a taxable year of the corporation over the corporation's gross
income during that taxable year. For purposes of this paragraph, the corporation's gross income
and allowable deductions shall be determined under the provisions of 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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-35.1.htm - 3K - Match Info - Similar pages

40-18-24
Section 40-18-24 Taxation of subchapter K entity. (a) The amount of income, deduction, gain,
loss, or credit includable or deductible by an owner of an interest in a subchapter K entity
shall be determined in accordance with subchapter K of the Internal Revenue Code, 26 U.S.C.
§§ 701-761. (b) For purposes of computing its net income, a subchapter K entity shall add
back otherwise deductible interest expenses and costs and intangible expenses and costs directly
or indirectly paid, accrued or incurred to, or in connection directly or indirectly with,
one or more direct or indirect transactions, with one or more related members, except to the
extent the subchapter K entity shows, upon request by the commissioner, that the corresponding
item of income was in the same taxable year: (1) subject to a tax based on or measured by
the related member's net income in Alabama or any other state of the United States, or (2)
subject to a tax based on or measured by the related member's net income...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-24.htm - 4K - Match Info - Similar pages

40-18-37
Section 40-18-37 Items not deductible by corporations. In computing net income of corporations,
no deduction shall in any case be allowed in respect to any of the items specified in Section
40-18-17. (Acts 1935, No. 194, p. 256; Code 1940, T. 51, §404.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-37.htm - 560 bytes - Match Info - Similar pages

41-6-53
Section 41-6-53 Gifts deemed gifts to state; deduction of amount of gift for income tax purposes.
Every gift to the Department of Archives and History payable into the fund, whether or not
the use thereof is prescribed by the donor or the gift is designated as a memorial to a specified
person, shall be deemed a gift to the State of Alabama. The donor in computing his net income
for state income tax purposes for the year in which he makes the gift may deduct the amount
of the gift from his gross income as authorized in Section 40-18-15. (Acts 1967, No. 522,
p. 1252, §4.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-6-53.htm - 882 bytes - Match Info - Similar pages