40-18-31
Section 40-18-31 Corporate income tax - Generally. (a) A corporation subject to the tax imposed
by Section 40-18-2 shall pay a tax equal to six and one-half percent of the taxable income
of the corporation, as defined in this chapter. (b) If the taxpayer elects to file an Alabama
consolidated return under Section 40-18-39, the tax shall be assessed, collected, and paid
annually for each taxable year at the rate specified in subsection (a), upon and with respect
to the taxable income of the Alabama affiliated group. (Acts 1935, No. 194, p. 256; Code 1940,
T. 51, §398; Acts 1963, 2nd Ex. Sess., No. 104, p. 284, §1; Act 98-502, p. 1083, §1; Act
99-664, 2nd Sp. Sess., p. 124, §1.)...
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40-18-39
Section 40-18-39 Corporate returns. (a) Except as provided in subsection (c), every corporation,
joint stock company, or association subject to income tax under this chapter shall file a
return with the Department of Revenue for each taxable year, stating specifically the items
of its gross income and the deductions and credits allowed by this chapter. In cases where
receivers, trustees in bankruptcy, or assignees are operating the property or business of
corporations, such receivers, trustees, or assignees shall file returns for such corporations
in the same manner and form as corporations are required to file returns. Any tax due on the
basis of such returns filed by receivers, trustees, or assignees shall be collected in the
same manner as if collected from the corporations of whose business or property they have
custody and control. Returns shall be filed by the same date as the corresponding federal
income tax returns are required to be filed as provided under federal law. The...
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40-18-33
Section 40-18-33 Corporate income tax - Taxable income. In the case of a corporation subject
to the tax imposed by Section 40-18-31, the term "taxable income" means federal
taxable income without the benefit of federal net operating losses plus the additions prescribed
and less the deductions and adjustments allowed by this chapter and as allocated and apportioned
to Alabama. (Acts 1935, No. 194, p. 256; Code 1940, T. 51, §400; Act 98-502, p. 1083, §1;
Act 99-664, 2nd Sp. Sess., p. 124, §1.)...
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40-18-32
Section 40-18-32 Corporate income tax - Exemptions. With the exception of unrelated business
taxable income determined in accordance with 26 U.S.C. § 512, the tax imposed by Section
40-18-31 shall not apply to the organizations referred to in 26 U.S.C. § 501(a), and the
following entities: (1) Farmers and other mutual hail, cyclone, or fire insurance companies,
mutual ditch or irrigation companies or like organizations of a purely local character, the
income of which consists solely of assessments, dues, and fees collected from members for
the sole purpose of meeting expenses; (2) Farmers, fruit growers, or like associations organized
and operated as sales agents for the purpose of marketing the products of members and turning
back the proceeds of sales, less the necessary selling expenses, on the basis of quantity
of produce furnished by them; (3) Federal land banks and national farm loan associations as
provided in 12 U.S.C. § 2055; (4) All national banks and national banking...
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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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40-16-3
Section 40-16-3 Returns. (a) Every financial institution, no later than the due date, including
applicable extensions, for its corresponding federal income tax or federal information return,
shall make and file with the Department of Revenue a return, signed under the penalties of
perjury by its cashier, treasurer, or other authorized officer or employee, if a corporation,
or by a person or authorized employee in charge of the conduct of the business to be taxed
if an individual, firm, association, or other legal entity, in such form as may be prescribed
by the Department of Revenue, giving such detailed information as the Department of Revenue
may in its opinion require to determine the net income of the financial institution for the
taxable year, by the net income of which the excise tax is to be measured. (b) Qualified corporate
groups, as in this chapter defined, shall have the option to file one excise tax return on
a consolidated basis or to file separate returns. Qualified...
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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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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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40-16-1
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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40-29-90
Section 40-29-90 Jeopardy assessment - For income tax. (a) Termination of taxable period. If
the commissioner or his delegate finds that a taxpayer designs quickly to depart from the
State of Alabama or to remove his property therein, or to do any other act tending to prejudice
or to render wholly or partly ineffectual proceedings to collect the income tax for the current
or the preceding taxable year unless such proceedings be brought without delay, the commissioner
or his delegate shall declare the taxable period for such taxpayer immediately terminated,
and shall cause notice of such finding and declaration to be given the taxpayer, together
with a demand for immediate payment of the tax for the taxable period so declared terminated
and of the tax for the preceding taxable year or so much of such tax as is unpaid, whether
or not the time otherwise allowed by law for filing return and paying the tax has expired;
and such taxes shall thereupon become immediately due and payable. In...
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