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5-12A-15
Section 5-12A-15 Taxation. A common trust fund, whether established, maintained, and
administered pursuant to the requirements of this chapter or established, maintained, administered,
and invested in without regard to the requirements and limitations of this chapter, as provided
in Section 5-12A-13, shall not be subject to taxation under any income tax law of the
State of Alabama. The computation of gain, loss, basis, taxable income, taxable loss, and
other income tax treatment of a common trust fund and its participants, shall be determined
in accordance with 26 U.S.C. ยง584, as amended from time to time. Every trust institution
maintaining a common trust fund shall make a return under oath for each fiscal year stating
specifically with respect to the fund the items of gross income and the deductions allowed
by law, and shall include in the return the names and addresses of the participants entitled
to share in the net income of the fund and the amount of the proportionate share of...
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19-3A-102
Section 19-3A-102 Definitions. As used in this chapter, the following terms are defined
as follows: (1) ACCOUNTING PERIOD. A calendar year unless another 12-month period is selected
by a fiduciary. The term includes a portion of a calendar year or other 12-month period that
begins when an income interest begins or ends when an income interest ends. (2) BENEFICIARY.
Includes, in the case of a decedent's estate, an heir, legatee, and devisee and, in the case
of a trust, an income beneficiary and a remainder beneficiary. (3) FIDUCIARY. A personal representative
or a trustee. The term includes an executor, administrator, successor personal representative,
special administrator, and a person performing substantially the same function. (4) INCOME.
Money or property that a fiduciary receives as current return from a principal asset. The
term also includes a portion of receipts from a sale, exchange, or liquidation of a principal
asset, to the extent provided in Article 4. (5) INCOME...
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45-3-231.20
Section 45-3-231.20 Jail canteen and inmate telephone system; Sheriff's Jail Fund; accounting
and use of proceeds. (a) The Sheriff of Barbour County or the authorized agents of the sheriff
may operate a jail canteen and inmate telephone system within the confines of the county jail
to serve the needs of the jail population. After the costs and operating expenses are deducted
from the income, excluding any income from fees paid for the boarding and feeding of prisoners,
the net revenues shall be deposited in the Sheriff's Jail Fund. (b) The sheriff shall establish
and maintain a Sheriff's Jail Fund in a bank located in Barbour County. (c) The sheriff shall
keep an account of all jail canteen and inmate telephone system sales and transactions and
the Sheriff's Jail Fund for annual audit by the Department of Examiners of Public Accounts.
The jail canteen and inmate telephone system account and fund shall be audited at the same
time other accounts of the sheriff are audited. The Department...
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6-5-60
Section 6-5-60 By whom and against whom action may be commenced; venue. (a) Any person,
firm, or corporation injured or damaged by an unlawful trust, combine, or monopoly, or its
effect, direct or indirect, may, in each instance of such injury or damage, recover the sum
of $500 and all actual damages from any person, firm, or corporation creating, operating,
aiding, or abetting such trust, combine, or monopoly and may commence the action therefor
against any one or more of the parties to the trust, combine, or monopoly, or their attorneys,
officers, or agents, who aid or abet such trust, combine, or monopoly. All such actions may
be prosecuted to final judgment against any one or more of the defendants thereto, notwithstanding
there may be a dismissal, acquittal, verdict, or judgment in favor of one or more of the defendants.
(b) Actions under this section may be commenced in any county where the trust, combine,
or monopoly was formed or where it exists or is carried on, promoted,...
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19-3A-505
Section 19-3A-505 Income taxes. (a) A tax required to be paid by a fiduciary based on
receipts allocated to income shall be paid from income. (b) A tax required to be paid by a
fiduciary based on receipts allocated to principal shall be paid from principal, even if the
tax is called an income tax by the taxing authority. (c) A tax required to be paid by a fiduciary
on the trust's share of an entity's taxable income shall be paid as follows: (1) From income
to the extent that receipts from the entity are allocated only to income; (2) From principal
to the extent that receipts from the entity are allocated only to principal; (3) Proportionately
from principal and income to the extent that receipts from the entity are allocated to both
income and principal; and (4) From principal to the extent that the tax exceeds the total
receipts from the entity. (d) After applying subsections (a) through (c), the fiduciary shall
adjust income or principal receipts to the extent that the trust's taxes...
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27-2B-4
Section 27-2B-4 Company action level event; preparation and submission of RBC plan or
revised RBC plan; notification of unsatisfactory filing; copies of plans. (a) Company action
level event means any of the following events: (1) The filing of an RBC report by an insurer
which indicates any of the following: a. The insurer's total adjusted capital is greater than
or equal to its regulatory action level RBC, but less than its company action level RBC. b.
If a life or health insurer or fraternal benefit society, the insurer has total adjusted capital
which is greater than or equal to its company action level RBC but less than the product of
its authorized control level RBC and 3.0 and has a negative trend. c. If a property and casualty
insurer or a health organization, the insurer has total adjusted capital which is greater
than or equal to its company action level RBC, but less than the product of its authorized
control level RBC and 3.0, and triggers the trend test determined in...
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27-31B-22
Section 27-31B-22 Protected cell captive insurance companies. (a) One or more sponsors
may form a protected cell captive insurance company under this chapter. (b) A protected cell
captive insurance company formed or licensed under this chapter may establish and maintain
one or more protected cells to insure risks of one or more participants, subject to all of
the following conditions: (1) Each protected cell shall be accounted for separately on the
books and records of the protected cell captive insurance company to reflect the financial
condition and results of operations of the protected cell, net income or loss, dividends or
other distributions to participants, and other factors as may be provided in the participant
contract or required by the commissioner. (2) The assets of a protected cell shall not be
chargeable with liabilities arising out of any other insurance business the protected cell
captive insurance company may conduct. (3) No sale, exchange, or other transfer of assets...
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37-11C-4
Section 37-11C-4 Allowance and claim of tax credits; Railroad Rehabilitation Income
Tax Credit Account; written transfer agreements. (a) For tax years beginning after December
31, 2019, there is a credit allowed against the state income tax levied by Section
40-18-2 equal to 50 percent of an eligible taxpayer's qualified railroad rehabilitation expenditures.
The tax credit allowed under this section may not exceed three thousand five hundred
dollars ($3,500) multiplied by the number of miles of railroad track owned or leased within
the state by the eligible taxpayer at the close of the taxable year. (b) There is created
within the Education Trust Fund a separate account named the Railroad Rehabilitation Income
Tax Credit Account. The Commissioner of Revenue shall certify to the state Comptroller the
amount of income tax credits under this section and the state Comptroller shall transfer
into the Railroad Rehabilitation Income Tax Credit Account only the amount from sales tax
revenues...
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40-18-15.3
Section 40-18-15.3 Deductions for health insurance premiums. (a) As used in this section,
the following terms shall have the following meanings: (1) QUALIFYING EMPLOYEES. Alabama resident
employees who are employed by qualifying employers, earn no more than $50,000 of wages in
the applicable tax year, and report no more than $75,000 of adjusted gross income on their
Alabama individual income tax return ($150,000 if married filing jointly) for the applicable
year. (2) QUALIFYING EMPLOYERS. Employers with less than 25 employees. (b) For tax years beginning
after December 31, 2010, in addition to any other Alabama income tax deduction that a qualifying
employee may be entitled to with respect to the payment of health insurance premiums, qualifying
employees shall be allowed to deduct from Alabama gross income 100 percent of the amounts
they pay as health insurance premiums as part of an employer provided health insurance plan
provided by a qualifying employer. (c) In addition to any other...
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5-5A-21
Section 5-5A-21 Surplus; restriction on dividends. Every bank shall transfer to surplus
each year at least 10 percent of its net earnings until the surplus of such bank shall be
equal to at least 20 percent of its capital, and it shall be unlawful for such bank to declare
or pay a dividend in excess of 90 percent of the net earnings of such bank until the surplus
of such bank shall be equal to at least 20 percent of capital. Thereafter the prior written
approval of the superintendent shall be required if the total of all dividends declared by
the bank in any calendar year shall exceed the total of its net earnings of that year combined
with its retained net earnings of the preceding two years, less any required transfers to
surplus. No dividends, withdrawals or transfers may be made from the bank's surplus without
the prior written approval of the superintendent. For the purpose of this section the
term "net earnings" shall mean the remainder of all earnings from current operations...
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