40-14A-31
Section 40-14A-31 (Repealed for taxable years beginning on or after January 1, 2002.) Levy
of tax. (a) There is hereby levied an annual shares tax on all corporations incorporated or
organized under the laws of Alabama, qualifying or registering to do business, or doing business
in Alabama, unless otherwise exempted in this article; provided that all assets and other
items of a disregarded entity shall be taken into account in determining the shares tax base
of its owner and the disregarded entity shall not be subject to the tax levied by this article.
The tax shall accrue as of January 1, 2000, and on January 1 of every taxable year thereafter,
or in the case of a taxpayer incorporated or organized during the year, qualifying to do business
during the year, or beginning to do business in Alabama for the first time during the year,
as of the date the taxpayer incorporated, organized, qualifies, or begins to do business in
Alabama, as the case may be. Except as provided in the following...
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40-18-422
Section 40-18-422 (Credit expires after 2025 tax year unless extended.) Tax credit for eligible
employers of apprentices. (a) For tax years beginning on or after January 1, 2017, through
the tax year beginning January 1, 2019, an Alabama income tax credit is allowed for eligible
employers that employ an apprentice for at least seven full months of the prior taxable year.
The credit shall equal up to one thousand dollars ($1,000) for each apprentice employed, not
to exceed five apprentices employed. The Department of Revenue, in consultation with the Workforce
Development Division of the Department of Commerce, shall establish a scale reflecting ranges
of amounts of money an employer has invested in an eligible apprentice and a corresponding
tax credit amount and shall award the tax credit in accordance with this scale following confirmation
from the Workforce Development Division that the apprentice for whom the credit is claimed
is in compliance with all federal and state requirements...
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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...
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40-18-23
Section 40-18-23 Taxpayers engaged in multistate business - Option of certain taxpayers to
report and pay tax on basis of percentage of volume. Any taxpayer who has taxable income from
business activities both within and without this state, whose only business activities within
this state consist of sales and do not include owning or renting real estate or tangible personal
property, and whose dollar volume of gross sales made during the tax year within this state
is not in excess of $100,000 may elect to report and pay any income tax due on the basis of
a percentage of such volume. If a taxpayer elects to report and pay income tax due on the
basis of a percentage of sales in this state, the percentage rate shall be one fourth of one
percent of such volume of sales. The report shall be made on forms prescribed by the Commissioner
of Revenue and shall be due and payable on the same date and in the same manner as provided
in Sections 40-18-27 and 40-18-39. (Acts 1967, No. 392, p. 979,...
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40-18-342
Section 40-18-342 Tax credit for equipment and conversion costs. (a)(1) Subject to subdivision
(2), for all tax years beginning after December 31, 2011, until tax year ending December 31,
2017, there shall be allowed to any agricultural trade or business an income tax credit equal
to 20 percent of the cost of the purchase and installation of any qualified irrigation equipment
and any conversion costs related to the conversion of irrigation equipment from fuel to electricity
or qualified reservoirs. For a surface water withdrawal irrigation system to be eligible for
credit, the irrigation system must operate utilizing a qualified reservoir, except when the
surface water withdrawal is directly from any river or stream whose average annual flow exceeds
8,000 cubic feet per second. A qualified reservoir is not required for a ground water withdrawal
irrigation system. The credit shall be equal to 20 percent of the accrued cost of the qualified
irrigation equipment and the cost of...
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40-18-15.2
Section 40-18-15.2 Net operating loss. Individuals may calculate a net operating loss from
a trade or business and apply the net operating loss against prior taxable income or future
taxable income pursuant to this section. (1) For purposes of this section, the term "net
operating loss" means the excess of the deductions allowed by this chapter over the gross
income. The excess shall be computed with the modifications specified in subdivision (5).
(2) A net operating loss may be carried back to each of the two taxable years preceding the
taxable year of the loss. A net operating loss carryover may be carried to each of the 15
years following the taxable year of the loss. (3) The entire amount of the net operating loss
for any taxable year (hereinafter referred to as the "loss year") shall be carried
to the earliest of the taxable years to which, by reason of subdivision (2) that loss may
be carried. The portion of the loss which shall be carried to each of the other taxable years
shall...
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40-18-15.5
Section 40-18-15.5 Deductions for certain retrofitting or upgrades to homes - Residence in
Alabama. (a) Any individual taxpayer, whose legal residence is located in Alabama, shall be
allowed a deduction from taxable income, regardless of whether the taxpayer itemizes his or
her income tax deductions, in calculating the income tax imposed pursuant to Section 40-18-5,
for certain retrofit costs as described in this section. The deduction shall be allowed for
the costs incurred to retrofit a structure qualifying as the legal residence of the taxpayer
to make the structure more resistant to loss due to hurricane, tornado, other catastrophic
windstorm event, or rising floodwaters. (b) In order to qualify for the state income tax deduction
allowed pursuant to this section, costs may include ordinary repair, replacement, and upgrades
to existing residential property and new construction so long as the repair, replacement,
and upgrades are designed to resist loss associated with any windstorm...
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40-18-166
Section 40-18-166 "Accumulated adjustments account" defined; application generally;
"S period" defined; applicability of subdivision (c)(1) of Section 40-18-165 to
certain distributions; "affected shareholder" defined. (a)(1) Except as provided
in subsection (b), for purposes of this article, the term "accumulated adjustments account"
means an account of the Alabama S corporation which is adjusted for the S period in a manner
similar to the adjustments under Section 40-18-164 hereof including subdivision (4) of subsection
(c), except that no adjustment shall be made for income and related expenses which are exempt
from tax under this chapter and the phrase "but not below zero" shall be disregarded
in Section 40-18-164(c)(2)a. (2) In the case of any redemption which is treated as an exchange
under Section 40-18-36, the adjustment in the accumulated adjustments account shall be an
amount which bears the same ratio to the balance in the account as the number of shares redeemed
in such...
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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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40-18-161
Section 40-18-161 Determination of taxable income. (a) The taxable income of an Alabama S corporation
shall be determined in the same manner as in the case of an individual except that the items
determined in subdivision (1), subsection (a) of Section 40-18-162 shall be separately stated,
and the following deductions shall not be allowed: (1) Personal exemptions otherwise allowed
by Section 40-18-19. (2) Charitable contributions otherwise allowed by Section 40-18-15, subdivision
(a)(10). (3) The net operating loss deduction otherwise allowed by Section 40-18-15, subdivision
(a)(16). (4) Medical expenses otherwise allowed by Section 40-18-15, subdivision (a)(13).
(5) Alimony otherwise allowed by Section 40-18-15, subdivision (a)(18). (6) The deduction
for certain expenses of producing income and determining taxes otherwise allowed by Section
40-18-15, subdivision (a)(14). (7) Contributions to individual retirement accounts otherwise
allowed by Section 40-18-15, subdivision (a)(11). (8)...
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