40-18-80.1
Section 40-18-80.1 (Effective for tax years beginning after December 31, 2009) Payment of estimated
tax by corporations. (a) Corporations. Corporations shall pay estimated income tax in accordance
with 26 U.S.C. § 6655 except: The provisions of 26 U.S.C. § 6655(g)(1)(A)(ii) through (iv)
shall not apply. (b) For the purposes of this section: (1) Section 40-18-2 shall be substituted
when 26 U.S.C. § 6655 refers to Chapter 1; (2) The terms alternative minimum taxable income
and modified alternative minimum taxable income referred to in 26 U.S.C. § 6655(e)(2)(B)(i)
shall be ignored for Alabama purposes; (3) Section 40-18-31 shall be substituted when 26 U.S.C.
§ 6655 refers to Section 11; (4) The terms 1201(a) and subchapter L of Chapter 1 referred
to in 26 U.S.C. § 6655(g)(1)(A)(i) shall be ignored for Alabama purposes; (5) Sections 40-18-35(e),
40-18-136, 40-18-194, 40-18-220, 40-18-243, and 41-23-24 shall be substituted when 26 U.S.C.
§ 6655(g)(1)(B) refers to part IV of...
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40-16-5.1
Section 40-16-5.1 Payment of estimated financial institution excise taxes. (a) Financial institutions
shall pay estimated financial institution excise tax in accordance with 26 U.S.C. § 6655,
except the provisions of 26 U.S.C. § 6655(g)(1)(A)(ii) through (iii) shall not apply. The
balance of the tax owed, after reduction by the credits allowed by this chapter, and by prior
payments including estimated payments as provided in this section, shall be due and paid at
the same time as the due date of an original return. (b) For the purposes of this section:
(1) Section 40-16-4 shall be substituted when 26 U.S.C. § 6655 refers to Chapter 1; (2) Section
40-16-4 shall be substituted when 26 U.S.C. § 6655 refers to Section 11; (3) The terms section
1201(a) and Subchapter L of Chapter 1 referred to in 26 U.S.C. § 6655(g)(1)(A)(i) shall be
ignored for Alabama excise tax purposes; (4) Section 40-16-8 shall be substituted when 26
U.S.C. § 6655(g)(1)(B) refers to Part IV of Subchapter A of...
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40-18-80
Section 40-18-80 (Effective for tax years beginning after December 31, 2009) Payment of estimated
tax by individuals. (a) Individuals. Individuals shall pay estimated income tax in accordance
with 26 U.S.C. § 6654 except: (1) The provisions of 26 U.S.C. § 6654(d)(2)(C)(iii) and 26
U.S.C. § 6654(f)(2) shall not apply; (2) Five hundred dollars ($500) shall be substituted
for the amount provided for in 26 U.S.C. § 6654(e)(1). (b) For the purposes of this section:
(1) Section 40-18-2 shall be substituted when 26 U.S.C. § 6654 refers to Chapter 1 and Chapter
2; (2) Section 40-18-71 shall be substituted when 26 U.S.C. § 6654 refers to Section 31;
(3) Sections 40-18-21(a), 40-18-132, 40-18-136, 40-18-194, 40-18-220, 40-18-243, and 41-23-24
shall be substituted when 26 U.S.C. § 6654 refers to part IV of subchapter A of Chapter 1;
(4) Commissioner shall be substituted when 26 U.S.C. § 6654 refers to Secretary; (5) The
terms alternative minimum taxable income and adjusted self-employment...
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40-18-39
Section 40-18-39 Corporate returns. (a) Except as provided in subsection (c), every corporation,
joint stock company, or association subject to income tax under this chapter shall file a
return with the Department of Revenue for each taxable year, stating specifically the items
of its gross income and the deductions and credits allowed by this chapter. In cases where
receivers, trustees in bankruptcy, or assignees are operating the property or business of
corporations, such receivers, trustees, or assignees shall file returns for such corporations
in the same manner and form as corporations are required to file returns. Any tax due on the
basis of such returns filed by receivers, trustees, or assignees shall be collected in the
same manner as if collected from the corporations of whose business or property they have
custody and control. Returns shall be filed by the same date as the corresponding federal
income tax returns are required to be filed as provided under federal law. The...
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40-2A-11.1
Section 40-2A-11.1 Civil penalties for unethical tax preparation conduct. (a) For purposes
of the individual income tax imposed by Chapter 18, if there is an understatement of liability
on a return that would cause a tax return preparer to be subject to the penalties imposed
by 26 U.S.C. §6694, except §6694(c), §6700, or §6701, and if any of the failures enumerated
in 26 U.S.C. §6695, except §6695(e) and (g), occurs, the department may impose upon the
tax return preparer a penalty in accordance with 26 U.S.C. §§6694(a), (b), (d), (e), and
(f); §§6695(a), (b), (c), (d), and (f); §§6696(a) and (c), §6700, and §6701, as in effect
from time to time. (b) For purposes of this section: (1) "Subject to this title"
shall be substituted for references in the specified federal statutes to "imposed by
subtitle A." (2) "Commissioner" will be substituted for references in the specified
federal statutes to "secretary." (3) References in these federal statutes to federal
district courts...
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40-18-21
Section 40-18-21 Credits for taxes paid on income from sources outside the state and for job
development fees. (a)(1) For the purpose of ascertaining the income tax due under the provisions
of this chapter by individual residents of Alabama whose gross income, as defined herein,
is derived from sources both within and outside the State of Alabama, there shall be allowed
a credit against the amount of tax found to be due by such resident, on account of income
derived from outside the State of Alabama, the amount of income tax actually paid by such
resident to any state or territory on account of business transacted or property held, directly
or indirectly, outside the State of Alabama. Resident individual owners of Subchapter K entities,
Alabama S corporations, and beneficiaries of estates or trusts who include their proportionate
share of the income arising from one or more of these entities in their Alabama gross income
shall be allowed a credit for their proportionate share of the...
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40-14A-1
Section 40-14A-1 Definitions. For purposes of this chapter, the following terms shall mean:
(a) ALABAMA S CORPORATION. An S corporation defined under Section 40-18-160. (b) C CORPORATION.
A corporation other than an Alabama S corporation. (c) CODE. The Internal Revenue Code of
1986, as amended from time to time. (d) CORPORATION. An entity, including a limited liability
company electing to be taxed as a corporation for federal income tax purposes, through which
business can be conducted while offering limited liability to the owners of the entity with
respect to some or all of the obligations of the entity, other than a limited liability entity
or a disregarded entity. The term "corporation" shall include but not be limited
to the following: Corporations, professional corporations, joint stock companies, unincorporated
professional associations, real estate investment trusts, limited liability companies electing
to be taxed as corporations for federal income tax purposes, and all...
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40-18-35.1
Section 40-18-35.1 Carry forward of net operating losses. In computing the taxable income of
corporations subject to income tax as outlined in Section 40-18-35, there shall be allowed,
in addition to the deductions specified therein, a deduction for the sum of the net operating
losses which may be carried forward to the taxable year for which the net income of the corporation
is being computed. (1) The term "net operating loss" for the purposes of this section
means the excess of the deductions (other than the deduction allowed by this subdivision)
allowed by this chapter during a taxable year of the corporation over the corporation's gross
income during that taxable year. For purposes of this paragraph, the corporation's gross income
and allowable deductions shall be determined under the provisions of this chapter applicable
to the year in which the net operating loss arises. (2) A net operating loss shall be carried
forward to the earliest subsequent taxable year in which the...
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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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40-2B-2
Section 40-2B-2 Alabama Tax Tribunal. (a) Statement of Purpose. To increase public confidence
in the fairness of the state tax system, the state shall provide an independent agency with
tax expertise to resolve disputes between the Department of Revenue and taxpayers, prior to
requiring the payment of the amounts in issue or the posting of a bond, but after the taxpayer
has had a full opportunity to attempt settlement with the Department of Revenue based, among
other things, on the hazards of litigation. By establishing an independent Alabama Tax Tribunal
within the executive branch of government, this chapter provides taxpayers with a means of
resolving controversies that insures both the appearance and the reality of due process and
fundamental fairness. The tax tribunal shall provide hearings in all tax matters, except those
specified by statute, and render decisions and orders relating thereto. A tax tribunal hearing
shall be commenced by the filing of a notice of appeal protesting...
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