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23-2-153
Section 23-2-153 Exemptions from levy, charge, assessment, collection, etc., of certain taxes;
certificate of exemption. (a) The exercise of the powers granted by this article shall be
in all respects for the benefit of the people of the state, for the increase of their commerce
and prosperity, and for the improvement of their health and living conditions. Since the ownership,
operation, and maintenance of toll road, bridge, or tunnel projects by the authority will
constitute the performance of essential functions, the authority, department, and any concessionaire,
or any contractor, subcontractor, or agent thereof, shall not be required to pay the taxes
or assessments as specifically authorized in this section upon any toll road, bridge, or tunnel
project or any property acquired or used by the authority, department, or any concessionaire
under this article. (b) An income, excise, or license tax or assessment may not be levied
upon or collected in the state with respect to any...
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40-18-171
Section 40-18-171 Determination of shareholder's pro rata share; "affected shareholders"
defined. (a) For purposes of this article, except as provided in subsection (b), each shareholder's
pro rata share of any item for any taxable year shall be the sum of the amounts determined
with respect to the shareholder by assigning an equal portion of the item to each day of the
taxable year, and then by dividing that portion pro rata among the shares outstanding on the
day. (b) Under regulations prescribed by the Department of Revenue, if any shareholder terminates
his or her interest in the corporation during the taxable year and all affected shareholders
and the corporation agree to the application of this subsection, subsection (a) of this section
shall be applied to the affected shareholders as if the taxable year consisted of two taxable
years the first of which ends on the date of the termination. (c) For purposes of subsection
(b), the term "affected shareholders" means the shareholder...
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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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40-18-81
Section 40-18-81 Optional short form tax. Any individual may elect to file a "short form"
return provided by the Department of Revenue and pay any tax due; provided, that the individual
does not have income from sources other than wages except for interest and dividend income
of not more than $1,500. Items allowed on the short forms shall be determined by regulation
under the provisions of the Alabama Administrative Procedure Act. (Acts 1955, No. 289, p.
661, §12; Acts 1965, No. 748, p. 1354, §2; Acts 1982, No. 82-465, p. 759, §9; Acts 1982,
1st Ex. Sess., No. 82-667, p. 85, §9; Act 98-502, p. 1083, §1.)...
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16-6D-8
Section 16-6D-8 Tax credits; Failing Schools Income Tax Credit Account. (a) To provide educational
flexibility and state accountability for students in failing schools: (1) For tax years beginning
on and after January 1, 2013, an Alabama income tax credit is made available to the parent
of a student enrolled in or assigned to attend a failing school to help offset the cost of
transferring the student to a nonfailing public school or nonpublic school of the parent's
choice. The income tax credit shall be an amount equal to 80 percent of the average annual
state cost of attendance for a public K-12 student during the applicable tax year or the actual
cost of attending a nonfailing public school or nonpublic school, whichever is less. The actual
cost of attending a nonfailing public school or nonpublic school shall be calculated by adding
together any tuition amounts or mandatory fees charged by the school to the student as a condition
of enrolling or of maintaining enrollment in the...
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33-2-192
Section 33-2-192 Docks facilities revenue bonds and refunding bonds - Pledge. All moneys hereby
pledged shall constitute a sinking fund for the purpose of paying the principal of, premium,
if any, and the interest on the docks facilities revenue bonds and refunding bonds. As security
for the payment of the principal of, premium, if any, and interest on the docks facilities
revenue bonds and the refunding bonds issued under this article, the department is authorized
to pledge the proceeds of the pledge herein provided for, including moneys on deposit in any
interest account or reserve account herein authorized to be created and the interest income
from the investment of moneys on deposit in such interest account or reserve account, and
the docks facilities construction and acquisition account. Any pledge made pursuant to this
section shall be valid and binding from the time the pledge is made. The income or revenue
so pledged shall immediately be subject to the lien of the pledge...
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40-18-13
Section 40-18-13 Computation of income. (a) Income shall be computed on the basis of the same
taxable year and in accordance with the same method of accounting that the taxpayer properly
employs for federal income tax purposes. If no such method of accounting has been employed
or if the method so employed does not clearly reflect income, computation shall be made upon
such basis and in such manner as in the opinion of the Department of Revenue, and consistent
with federal income tax treatment, does clearly reflect income. If the taxpayer has no annual
accounting period or does not keep proper books of account, the income shall be computed on
the basis of the calendar year. (b) In the case of a partnership, Alabama S corporation, or
personal service corporation electing a taxable year under 26 U.S.C. §444, this section shall
be applied without regard to the requirement to make payments under 26 U.S.C. §7519. (Acts
1935, No. 194. p. 256; Code 1940, T. 51, §383; Acts 1990, No. 90-583,...
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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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8-17-101
Section 8-17-101 Cancellation of inspection fee permit. (a) In accordance with the provisions
of Chapter 2A of Title 40, the Department of Revenue may cancel the inspection fee permit
required under Section 8-17-96, upon written notice sent to the permit holder's last known
address, as it appears in the Department of Revenue's files, for any of the following reasons:
(1) Filing by the permit holder of a false report of the data or information required by this
article. (2) Failure, refusal, or neglect of the permit holder to file a report or to provide
any information required by this article. (3) Failure of the permit holder to pay the full
amount of all excise taxes and inspection fees due or to pay any penalties or interest due.
(4) Failure of the permit holder to keep accurate records of the quantities of petroleum products
received, produced, refined, manufactured, compounded, sold, imported, or used in Alabama.
(5) Conviction of the permit holder or a principal of the permit...
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22-40A-14
Section 22-40A-14 Scrap tire environmental fee. (a) A scrap tire environmental fee shall be
collected at the point of sale from the consumer on replacement tires, whether or not the
tires are mounted on a rim or wheel, in the amount of one dollar ($1) per tire, and shall
be remitted to the Department of Revenue on a monthly basis. Out-of-state tires, such as fleet
tires, not purchased in the State of Alabama must be returned to the point of origin for disposal
or the scrap tire environmental fee shall be imposed for each tire brought into the state
and must be remitted to the Department of Revenue. In addition, the scrap tire environmental
fee shall be collected on a retreaded casing replacement tire when sold to a consumer. (b)
The fees imposed by subsection (a) shall be paid monthly to the Department of Revenue by the
20th day of the following month, accompanied by forms as prescribed by the Department of Revenue.
The forms shall contain a printed declaration that the information is...
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