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37-11C-2
Section 37-11C-2 Definitions. As used in this chapter, the following words shall have the following
meanings: (1) CLASS II RAILROAD. A carrier classified as a Class II railroad pursuant to 49
CFR § 1201, or other rule adopted by the United States Surface Transportation Board. (2)
CLASS III RAILROAD. A carrier classified as a Class III railroad pursuant to 49 CFR § 1201,
or other rule adopted by the United States Surface Transportation Board. (3) DEPARTMENT. The
Alabama Department of Commerce. (4) ELIGIBLE TAXPAYER. A railroad that owns or leases railroad
infrastructure in Alabama and is classified by the United States Surface Transportation Board
as a Class II or Class III railroad. (5) ELIGIBLE TRANSFEREE. A taxpayer who is transferred
a tax credit allowed by this chapter by an eligible taxpayer. (6) QUALIFIED RAILROAD REHABILITATION
EXPENDITURES. Expenditures within the taxable year for maintenance, deductible maintenance
of way expenses, reconstruction, or replacement of railroad...
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40-14A-25
Section 40-14A-25 Filing of returns. (a) Every taxpayer shall file a privilege tax return,
which shall include the public record disclosures required by Section 10-2B-16.22, with the
department for every taxable year for which it is subject to the tax levied by this article.
A disregarded entity that is owned by an individual, general partnership, or other entity
not subject to the tax levied by this article shall file a return and pay the tax levied on
it by this article. Except as provided in Section 40-14A-22(f) (4), the return required by
this section is due no later than the corresponding federal income tax return as required
to be filed as provided under federal law. In the case of a taxpayer's initial return, two
and one half months after the taxpayer comes into existence, qualifies or registers to do
business, or commences doing business in Alabama as the case may be. A disregarded entity
that is required to file a return by this section shall file the return not later than the...
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40-14A-33
Section 40-14A-33 (Repealed for taxable years beginning on or after January 1, 2002.) Definition
of initial taxable shares base. (a) Determine the sum of the following as of the first day
of the corporation's taxable year: (1) The outstanding capital stock and any additional paid-in
capital, but without reduction for treasury stock; and (2) Retained earnings, but not less
than zero, which shall include any amounts designated for the payment of dividends until the
amounts are definitely and irrevocably placed to the credit of stockholders subject to withdrawal
on demand. (b) From the amount determined under subsection (a), deduct: (1) The book value
of goods, wares, and merchandise held for sale; (2) The book value of the investment by the
taxpayer in the equity of other corporations doing business in Alabama. This subdivision shall
not apply if the taxpayer is a dealer in securities subject to 26 U.S.C. §1236. (3) Federal
obligations. a. For a taxpayer who does not hold federal...
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40-18-25.1
Section 40-18-25.1 Estates and trusts - Exemptions. (a) Trusts shall be exempt from the tax
imposed by this chapter if they are exempt from federal income tax under 26 U.S.C. § 501
(relating to exempt organizations), § 401 (relating to pension and profit sharing trusts),
§ 408 and § 408A (relating to individual retirement accounts and individual retirement annuities),
§ 530 (relating to Coverdell education savings accounts), or § 664 (relating to charitable
remainder trusts). The foregoing exemption shall not apply, however, to any entity that is
not exempt from federal income tax by reason of 26 U.S.C. §§ 502 or 503, nor to any income
of an otherwise exempt organization to the extent that such income constitutes "unrelated
business taxable income," as defined in 26 U.S.C. § 512. (b) The taxation of distributions
from a trust described in 26 U.S.C. § 401 that constitutes a "defined contribution plan"
as defined in 26 U.S.C. § 414(i) shall be determined in accordance with 26...
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41-9-219-6
Section 41-9-219-6 Examinations; rules; appraisal. (a) The department may conduct examinations
to verify that the tax credits under this article have been received and applied according
to the requirements of this article and to verify that no event has occurred that would result
in a recapture of tax credits under Section 41-9-219.4. (b) The department and the Department
of Revenue shall prescribe such rules as may be appropriate to carry out their respective
duties under this section and may issue advisory letters to individual qualified community
development entities and their investors that are limited to the specific facts outlined in
an advisory letter request from a qualified community development entity. The rulings cannot
be relied upon by any person or entity other than the qualified community development entity
that requested the letter and the taxpayers that are entitled to any tax credits generated
from investments in the entity. (c) In rendering advisory letters and...
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25-5-8
Section 25-5-8 Employers' options to secure payment of compensation. (a) Option to insure risks.
An employer subject to this chapter may secure the payment of compensation under this chapter
by insuring and keeping insured his or her liability in some insurance corporation, association,
organization, insurance association, corporation, or association formed of employers and workers
or formed by a group of employers to insure the risks under this chapter, operating by mutual
assessment or other plans or otherwise. Notwithstanding the foregoing, the insurance association,
organization, or corporation shall have first had its contract and plan of business approved
in writing by the Commissioner of the Department of Insurance of Alabama and have been authorized
by the Department of Insurance to transact the business of workers' compensation insurance
in this state and under the plan. Notwithstanding any other provision of the law to the contrary,
the obligations of employers under law for...
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40-14A-2
Section 40-14A-2 Operating rules. (a) The taxpayer's net worth shall be determined for purposes
of the taxes levied by this chapter in accordance with the accounting principles used in preparing
the taxpayer's financial statements reported to its owners. If the taxpayer's financial statements
are not prepared in accordance with generally accepted accounting principles, then net worth
for such purposes shall be determined either on the same basis as it prepares its federal
income tax return or as required by the appropriate regulatory agencies having jurisdiction.
However, in the case of a taxpayer that is an insurer holding a certificate of authority to
conduct an insurance business within the State of Alabama, net worth for such purposes shall
be computed on the same basis as its financial statements are prepared in accordance with
the requirements of the State of Alabama Insurance Department. (b) Net worth may be determined
from the taxpayer's financial statements for its...
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40-18-6
Section 40-18-6 Gain or loss - Basis of property; adjusted basis. (a) Basis (unadjusted) of
property. The basis of property shall be the cost of the property with the following exceptions:
(1) INVENTORY VALUE. If the property should have been included in the last inventory, the
basis shall be the last inventory value thereof. (2) GIFT or TRANSFER IN TRUST. If the property
was acquired by gift or by a transfer in trust the basis shall be determined in accordance
with 26 U.S.C. § 1015. If property was acquired by gift or transfer in trust on or after
December 31, 1932 and prior to March 15, 1985, the basis shall be the fair and reasonable
market value of the property at the time of the acquisition. (3) PROPERTY TRANSMITTED AT DEATH.
If the property was acquired from a decedent, the taxpayer's basis in the property shall be
determined in accordance with 26 U.S.C. § 1014. (4) PROPERTY ACQUIRED UPON LIKE-KIND EXCHANGE.
If the property was acquired upon an exchange described in subsection...
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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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40-2A-10
Section 40-2A-10 Confidentiality, disclosure, and exchange of tax returns and tax information.
THIS SECTION WAS AMENDED BY ACT 2019-101 IN THE 2019 REGULAR SESSION, EFFECTIVE MAY 6, 2019.
THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) Except as otherwise provided in this section,
it shall be unlawful for any person to print, publish, or divulge, without the written permission
or approval of the taxpayer, the return of any taxpayer or any part of the return, or any
information secured in arriving at the amount of tax or value reported, for any purpose other
than the proper administration of any matter administered by the department, a county, or
a municipality, or upon order of any court, or as otherwise allowed in this section. Statistical
information pertaining to taxes may be disclosed at the discretion of the commissioner or
his or her delegate to the legislative or executive branch of the state. Upon request, the
commissioner or his or her delegate may make written disclosure as...
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