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40-18-21
Section 40-18-21 Credits for taxes paid on income from sources outside the state and
for job development fees. (a)(1) For the purpose of ascertaining the income tax due under
the provisions of this chapter by individual residents of Alabama whose gross income, as defined
herein, is derived from sources both within and outside the State of Alabama, there shall
be allowed a credit against the amount of tax found to be due by such resident, on account
of income derived from outside the State of Alabama, the amount of income tax actually paid
by such resident to any state or territory on account of business transacted or property held,
directly or indirectly, outside the State of Alabama. Resident individual owners of Subchapter
K entities, Alabama S corporations, and beneficiaries of estates or trusts who include their
proportionate share of the income arising from one or more of these entities in their Alabama
gross income shall be allowed a credit for their proportionate share of the...
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40-18-25
Section 40-18-25 Estates and trusts. (a) For purposes of this chapter, the income and
deductions, including the distribution deduction, of estates and trusts shall be determined
in accordance with Subchapter J of Chapter 1 of Subtitle A of the Internal Revenue Code, 26
U.S.C. §641 et seq., relating to estates, trusts, beneficiaries, and decedents, except as
otherwise provided in this section. (1) The income and deductions shall be increased
by any items that are includable or deductible by an individual in computing Alabama income
tax but are not includable or not deductible by an individual in computing federal income
tax. (2) The income and deductions shall be decreased by any items that are not includable
or not deductible by an individual in computing Alabama income tax but are includable or deductible
by an individual in computing federal income tax. (b) For purposes of this chapter, the income
and deductions of beneficiaries of estates and trusts, and persons who are treated as...
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40-18-35
Section 40-18-35 Deductions allowed to corporations. (a) The following items shall be
deducted from federal taxable income for purposes of computing taxable income under this chapter:
(1) Refunds of state and local income taxes. (2) Federal income tax paid or accrued during
the taxpayer's taxable year. The portion of federal income tax deductible by a corporation
earning income from sources both inside and outside of Alabama shall be determined by the
ratio that the corporation's taxable income, computed without the deduction for federal income
tax, apportioned and allocated to Alabama bears to the corporation's taxable income, computed
without the deduction for federal income tax, apportioned and allocated everywhere. (3) Interest
income earned on obligations of the United States. (4)a. Interest income earned on obligations
of the State of Alabama or its subdivisions or instrumentalities thereof to the extent included
in gross income for the purposes of federal income taxation. b....
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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...
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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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40-2B-2
Section 40-2B-2 Alabama Tax Tribunal. (a) Statement of Purpose. To increase public confidence
in the fairness of the state tax system, the state shall provide an independent agency with
tax expertise to resolve disputes between the Department of Revenue and taxpayers, prior to
requiring the payment of the amounts in issue or the posting of a bond, but after the taxpayer
has had a full opportunity to attempt settlement with the Department of Revenue based, among
other things, on the hazards of litigation. By establishing an independent Alabama Tax Tribunal
within the executive branch of government, this chapter provides taxpayers with a means of
resolving controversies that insures both the appearance and the reality of due process and
fundamental fairness. The tax tribunal shall provide hearings in all tax matters, except those
specified by statute, and render decisions and orders relating thereto. A tax tribunal hearing
shall be commenced by the filing of a notice of appeal protesting...
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40-18-176
Section 40-18-176 Nonresident shareholder composite returns. (a) The Department of Revenue
shall permit an Alabama S corporation to file composite returns and to make composite payments
on behalf of some or all of its nonresident shareholders if there are one or more nonresident
shareholders during any part of the taxable year. The Department of Revenue may permit composite
returns and payments to be made by an Alabama S corporation on behalf of its resident shareholders.
(b) For purposes of this section, a "composite return" means an informational
return similar in form to U.S. Treasury Department Schedule K-1 containing information concerning
one or more Alabama S corporation shareholder's respective shares of income, deductions and
losses passed through to them by virtue of their status as shareholders of an Alabama S corporation,
any credit to which the shareholder is entitled to claim by virtue of the Alabama S corporation's
payment of tax on his or her behalf pursuant to...
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41-9-218
Section 41-9-218 Definitions. As used in this article, the following terms shall have
the following meanings: (1) APPLICABLE PERCENTAGE. Zero percent for the first credit allowance
date, 8.33 percent for the next six credit allowance dates, for the total of 50 percent. (2)
CREDIT ALLOWANCE DATE. With respect to any qualified equity investment, the date on which
such investment is initially made and each of the six anniversary dates of that date thereafter.
(3) DEPARTMENT. The Department of Commerce. (4) LONG-TERM DEBT SECURITY. Any debt instrument
issued by a qualified community development entity, at par value or a premium, with an original
maturity date of at least seven years from the date of its issuance, with no acceleration
of repayment, amortization, or prepayment features prior to its original maturity date. The
qualified community development entity that issues the debt instrument may not make cash interest
payments on the debt instrument during the period beginning on the...
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40-18-376
Section 40-18-376 Investment credit; realization methods; regulations. (a) If provided
for in the project agreement, the incentivized company is allowed an investment credit in
an annual amount equal to 1.5 percent of the capital investment incurred as of the beginning
of the incentive period, to be used as follows: (1) To offset the income taxes found in this
chapter, or as an estimated tax payment of income taxes; (2) To offset the financial institution
excise tax found in Chapter 16; (3) To offset the insurance premium tax levied by Section
27-4A-3(a), or as an estimated payment of insurance premium tax; (4) To offset utility taxes;
or (5) To offset some combination of the foregoing, so long as the same credit is used only
once. The incentive period shall begin no earlier than the placed-in-service date. The incentive
period shall be 10 years. Should only some portion of a tax year be included in the incentive
period, the amount of the investment credit shall be prorated on a daily...
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40-27-1
Section 40-27-1 Compact adopted; terms. The following Multistate Tax Compact is hereby
approved, adopted and enacted into law by the State of Alabama: Multistate Tax Compact Article
I. Purposes. The purposes of this compact are to: 1. Facilitate proper determination of state
and local tax liability of multistate taxpayers, including the equitable apportionment of
tax bases and settlement of apportionment disputes. 2. Promote uniformity or compatibility
in significant components of tax systems. 3. Facilitate taxpayer convenience and compliance
in the filing of tax returns and in other phases of tax administration. 4. Avoid duplicative
taxation. Article II. Definitions. As used in this compact: 1. "State" means a state
of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory
or possession of the United States. 2. "Subdivision" means any governmental unit
or special district of a state. 3. "Taxpayer" means any corporation, partnership,
firm,...
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