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27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus Lines Insurance
Multi-State Compliance Compact Act is enacted into law and entered into with all jurisdictions
mutually adopting the compact in the form substantially as follows: PREAMBLE WHEREAS, with
regard to Non-Admitted Insurance policies with risk exposures located in multiple states,
the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted and
Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
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27-60-2
Section 27-60-2 Interstate Insurance Product Regulation Compact. The State of Alabama hereby
agrees to the following interstate compact known as the Interstate Insurance Product Regulation
Compact: ARTICLE I. PURPOSES. The purposes of this compact are, through means of joint and
cooperative action among the compacting states: 1. To promote and protect the interest of
consumers of individual and group annuity, life insurance, disability income, and long-term
care insurance products; 2. To develop uniform standards for insurance products covered under
the compact; 3. To establish a central clearinghouse to receive and provide prompt review
of insurance products covered under the compact and, in certain cases, advertisements related
thereto, submitted by insurers authorized to do business in one or more compacting states;
4. To give appropriate regulatory approval to those product filings and advertisements satisfying
the applicable uniform standard; 5. To improve coordination of...
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36-29-50
Section 36-29-50 High deductible health plan with a federally qualified health savings account.
(a) As used in this section, the following words shall have the following meanings: (1) HEALTH
SAVINGS ACCOUNT or HSA. A savings or other account meeting the requirements for favorable
tax treatment under 26 U.S.C. §223, as amended. (2) HIGH DEDUCTIBLE HEALTH PLAN or HDHP.
That term as defined in 26 U.S.C. §223(c)(2), as amended, and any regulations promulgated
thereunder. (3) PARTICIPANT. An eligible active or retired state employee and his or her dependents
as determined by the State Employees' Insurance Board. (b) The State Employees' Insurance
Board may offer a high deductible health plan with a federally qualified health savings account
(HDHP-HSA) to eligible active and retired state employees and their dependents. A retired
state employee eligible for or entitled to Medicare benefits under Title XVIII of the federal
Social Security Act is not eligible to participate in the HDHP-HSA....
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16-60-351
Section 16-60-351 Credit for qualifying education expenses. (a)(1) For tax years commencing
January 1, 2015, and thereafter, a taxpayer who files a state income tax return and is not
a dependent of another taxpayer may claim a tax credit for a contribution made to the Department
of Postsecondary Education for qualifying educational expenses directly associated with the
Career-Technical Dual Enrollment Program as defined by State Board of Education policy. (2)
The tax credit may be claimed by the taxpayer in an amount equal to 50 percent of the total
contribution or contributions made to the Department of Postsecondary Education during the
taxable year for which the credit is claimed, but such credit is not to exceed an amount greater
than 50 percent of the taxpayer's total Alabama income tax liability, and in no case more
than five hundred thousand dollars ($500,000) for any given tax year. (3) The cumulative amount
of tax credits issued pursuant this article shall not exceed five...
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40-18-140
Section 40-18-140 Contribution designations. (a)(1) Each Alabama resident individual income
taxpayer desiring to contribute to any of the programs listed in subsection (b) may designate
an amount of his or her refund, rounded off in whole dollars, in an appropriate box on the
state income tax return form, to be credited to the program. (2) All future check-offs, duly
enacted by the Legislature subsequent to April 17, 2006, shall be accorded an appropriate
box on the state income tax return forms, subject to the terms and conditions prescribed herein,
without the requirement that they be added by amendment to this section. (b) Contributions
received for the following authorized charitable and nonpolitical income tax check-off recipients,
less costs of administration to the Department of Revenue not to exceed five percent, shall
be distributed and appropriated as provided herein: (1) Contributions to the Alabama Aging
Program shall be deposited with the State Treasurer into the Alabama...
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24-11-4
Section 24-11-4 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE MARCH 28, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Establishment and Use
of First-time and Second Chance Home Buyer Savings Account. (a) Beginning January 1, 2019,
a first-time and second chance home buyer may open an account with a financial institution
designated in its entirety by the financial institution as a first-time and second chance
home buyer savings account. (b) Funds from a first-time and second chance home buyer savings
account may be used only to pay a first-time and second chance home buyer's eligible costs
for the purchase of a single-family residence in Alabama. (c) A first-time and second chance
home buyer may jointly own a first-time and second chance home buyer savings account with
another first-time and second chance home buyer if the joint account holders file a joint
income tax return. (d) Only cash and marketable securities may be contributed to a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/24-11-4.htm - 1K - Match Info - Similar pages
40-18-79
Section 40-18-79 Overpayment of tax. Where there has been an overpayment of any tax imposed
under Section 40-18-71 or 40-18-80, the amount of such overpayment, if a petition for refund
is timely filed or the department otherwise allows an automatic refund within that period,
may be credited against any income tax or installment thereof then due from the taxpayer,
and any balance shall be refunded to the taxpayer or if the taxpayer's bank or other financial
institution, pursuant to the State Financial External Lead Program or any other similar program
selected by the department, certifies a petition for reimbursement that it has credited the
taxpayer's account in the amount of the refund due the taxpayer because the taxpayer's refund
was erroneously reversed by the department, then the balance shall be paid to the bank or
other financial institution as reimbursement. Any costs or reimbursement incurred shall be
paid from the same funds to which income tax revenues are deposited. (Acts...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-79.htm - 1K - Match Info - Similar pages
40-18-174
Section 40-18-174 Tax imposed on certain built-in gains. (a) If for any taxable year beginning
in the recognition period an Alabama S corporation has a net recognized built-in gain, there
is hereby imposed a tax (computed under subsection (b)) on the income of such corporation
for such taxable year. (b)(1) The amount of the tax imposed by subsection (a) shall be computed
by multiplying five percent by the net recognized built-in gain of the Alabama S corporation
for the taxable year. (2) Notwithstanding Section 40-18-168, any net operating loss carryforward
which would be deductible except for Section 40-18-168 and which arose in a taxable year for
which the corporation was not an Alabama S corporation, shall be allowed as a deduction against
the net recognized built-in gain of the Alabama S corporation for the taxable year. For purposes
of determining the amount of any such loss which may be carried to subsequent taxable years,
the net recognized built-in gain shall be treated as...
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40-16-1.3
Section 40-16-1.3 Net income of credit unions. (a) With respect to credit unions only, net
income means financial statement income which is the final net income amount, total revenue
less total expenses, calculated for financial statement purposes and reported to the Internal
Revenue Service as a tax exempt organization and to the Alabama Credit Union Administration
or other government regulatory authority as appropriate, less the subtractions specified in
subsection (b) and as allocated and apportioned to Alabama according to rules adopted by the
Department of Revenue pursuant to Section 40-16-4. (b) Subtractions. The following items shall
be subtracted from financial statement income for purposes of computing the net income of
a credit union under this chapter: (1) Dividends received from other credit unions and credit
union service organizations as defined by federal law and the regulations of the National
Credit Union Administration. (2) In lieu of deductions for losses or bad...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-16-1.3.htm - 1K - Match Info - Similar pages
16-33C-24
Section 16-33C-24 ABLE Program generally. (a) The ABLE Program includes the ABLE Trust Fund,
and may be marketed under a different name than ABLE. The ABLE Trust Fund is hereby created
and comprised of separate ABLE Savings Accounts established pursuant to this chapter. The
ABLE Trust Fund receives contributions to ABLE Savings Accounts. One or more persons may make
contributions to an ABLE Savings Account. (b) Available sources of funds, public or private,
including any administrative fees received from ABLE contracting parties, shall be deposited
in the State Treasury Operations Fund. All ABLE Program expenses, including operating, administrative
and marketing, shall be paid from the State Treasury Operations Fund. For reporting purposes,
ABLE Program expenses will be segregated by unit or such other accounting method as provided
in the State's STAARS system, or similar system. (c) Property and income of the ABLE Program
and ABLE Trust Fund shall be exempt from all taxation by the...
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