|
40-18-311
Section 40-18-311 Income tax deduction; contributions to catastrophe savings account.
(a) An individual taxpayer is allowed a deduction against income earned for state income tax
purposes imposed pursuant to Section 40-18-5, for amounts contributed to a catastrophe
savings account in accordance with subsection (c) and all interest income earned by a catastrophe
savings account is exempt from the tax imposed pursuant to Section 40-18-5. (b) A catastrophe
savings account is not subject to attachment, levy, garnishment, or legal process in this
state. (c) The total amount that may be contributed to a catastrophe savings account must
not exceed any of the following: (1) In the case of an individual whose qualified deductible
is less than or equal to one thousand dollars ($1,000), two thousand dollars ($2,000). (2)
In the case of an individual whose qualified deductible is greater than one thousand dollars
($1,000), the amount equal to the lesser of fifteen thousand dollars ($15,000) or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-311.htm - 1K - Match Info - Similar pages
40-18-310
Section 40-18-310 Definitions. As used in this article, the following terms shall have
the following meanings: (1) CATASTROPHE SAVINGS ACCOUNT. A regular savings account or money
market account established by an insurance policyholder who is a state income taxpayer for
residential property in this state to cover an insurance deductible under an insurance policy
for the taxpayer's legal residence property that covers hurricane, rising floodwaters, or
other catastrophic windstorm event damage or by an individual to cover self-insured losses
for the taxpayer's legal residence from a hurricane, rising floodwaters, or other catastrophic
windstorm event. The account must be labeled as a catastrophe savings account in order to
qualify as a catastrophe savings account as defined in this article. A taxpayer may establish
only one catastrophe savings account and shall specify that the purpose of the account is
to cover the amount of insurance deductibles and other uninsured portions of risks of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-310.htm - 1K - Match Info - Similar pages
40-18-25.1
Section 40-18-25.1 Estates and trusts - Exemptions. (a) Trusts shall be exempt from
the tax imposed by this chapter if they are exempt from federal income tax under 26 U.S.C.
§ 501 (relating to exempt organizations), § 401 (relating to pension and profit sharing
trusts), § 408 and § 408A (relating to individual retirement accounts and individual retirement
annuities), § 530 (relating to Coverdell education savings accounts), or § 664 (relating
to charitable remainder trusts). The foregoing exemption shall not apply, however, to any
entity that is not exempt from federal income tax by reason of 26 U.S.C. §§ 502 or 503,
nor to any income of an otherwise exempt organization to the extent that such income constitutes
"unrelated business taxable income," as defined in 26 U.S.C. § 512. (b) The taxation
of distributions from a trust described in 26 U.S.C. § 401 that constitutes a "defined
contribution plan" as defined in 26 U.S.C. § 414(i) shall be determined in accordance
with 26...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-25.1.htm - 3K - Match Info - Similar pages
40-18-312
Section 40-18-312 Distributions from catastrophe savings account; additional tax. (a)
A distribution from a catastrophe savings account must be included in the income of the taxpayer
unless the amount of the distribution is used to cover qualified catastrophe expenses. (b)
No amount is included in income, pursuant to subsection (a), if the qualified catastrophe
expenses of the taxpayer during the taxable year are equal to or greater than the aggregate
distributions during the taxable year. (c) If aggregate distributions exceed the qualified
catastrophe expenses during the taxable year, the amount otherwise included in income must
be reduced by the amount of the distributions for qualified catastrophe expenses. (d)(1) The
tax paid pursuant to Section 40-18-5, attributable to a taxable distribution must be
increased by two and one-half percent of the amount which is includable in income. (2) This
additional tax does not apply if any of the following occur: a. The taxpayer no longer owns...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-312.htm - 2K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-6D-9.htm - 24K - Match Info - Similar pages
40-18-15.6
Section 40-18-15.6 Deductions for contributions made to health savings accounts. (a)
For the purposes of this section, health savings account contributions are defined
as contributions made by a taxpayer to his or her health savings account up to the maximum
amount allowed pursuant to 26 USC §223. (b) Alabama residents will be allowed to deduct contributions
made on or after January 1, 2018, by or on behalf of such individual to a health savings account
of such individual to coincide with annual amount allotted by federal law or regulation. Employer
contributions are not includible in an employee's income and are therefore not deductible.
(Act 2016-345, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-15.6.htm - 990 bytes - Match Info - Similar pages
40-18-19
Section 40-18-19 Exemptions - Generally. (a) The following exemptions from income taxation
shall be allowed to every individual resident taxpayer: (1) Retirement allowances, pensions
and annuities, or optional allowances, approved by the Board of Control of the Teachers' Retirement
System of Alabama, which exempt status is set out in Section 16-25-23. (2) Retirement
allowances, pensions and annuities or optional allowances, approved by the Board of Control
of the Employees' Retirement System of Alabama, which exempt status is set out in Section
36-27-28. (3) The first eight thousand dollars ($8,000) of any retirement compensation, retirement
allowances, pensions and annuities, or optional allowances, received by any eligible firefighter,
as defined in Sections 36-32-1 and 36-32-2, or his or her designated beneficiary, from any
firefighting agency established in the State of Alabama, but only if such retirement compensation,
retirement allowances, pensions and annuities, or optional...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-19.htm - 9K - Match Info - Similar pages
40-18-15
Section 40-18-15 Deductions for individuals generally. (a) No deduction shall be allowed
for any losses, expenses, or interest deferred or disallowed pursuant to 26 U.S.C. § 267
or for any cost required to be capitalized in accordance with 26 U.S.C. § 263A; otherwise,
there shall be allowed as deductions: (1) All ordinary and necessary expenses paid or incurred
during the taxable year in carrying on any trade or business, as determined in accordance
with 26 U.S.C. § 162. (2) Interest paid or accrued within the taxable year on indebtedness,
limited to the amount allowable as an interest deduction for federal income tax purposes in
the corresponding tax year or period pursuant to the provisions of 26 U.S.C. §§ 163, 264,
and 265. (3) The following taxes paid or accrued within the taxable year: a. Income taxes,
Federal Insurance Contribution Act taxes, taxes on self-employment income and estate and gift
taxes imposed by authority of the United States or any possession of the United...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-15.htm - 18K - Match Info - Similar pages
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,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-27-1.htm - 42K - Match Info - Similar pages
16-25-21
Section 16-25-21 Method of financing. Effective October 1, 1997, all the assets of the
retirement system shall be credited according to the purpose for which they are held among
three funds, namely: The Annuity Savings Fund, the Pension Accumulation Fund, and the Expense
Fund. The operation of the former Pension Reserve Fund and the Annuity Reserve Fund shall
be discontinued as of such date, the balance of the former Pension Reserve Fund shall be transferred
to the Pension Accumulation Fund, and the balance of the former Annuity Reserve Fund shall
be transferred to the Pension Accumulation Fund. (1) The Annuity Savings Fund shall be a fund
in which shall be accumulated contributions from the compensation of members to provide for
their annuities. Contributions to and payments from the Annuity Savings Fund shall be made
as follows: a. Each employer shall cause to be deducted from the salary of each member on
each and every payroll of such employer for each and every payroll period five...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-25-21.htm - 15K - Match Info - Similar pages
|