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40-18-31
Section 40-18-31 Corporate income tax - Generally. (a) A corporation subject to the tax imposed
by Section 40-18-2 shall pay a tax equal to six and one-half percent of the taxable income
of the corporation, as defined in this chapter. (b) If the taxpayer elects to file an Alabama
consolidated return under Section 40-18-39, the tax shall be assessed, collected, and paid
annually for each taxable year at the rate specified in subsection (a), upon and with respect
to the taxable income of the Alabama affiliated group. (Acts 1935, No. 194, p. 256; Code 1940,
T. 51, §398; Acts 1963, 2nd Ex. Sess., No. 104, p. 284, §1; Act 98-502, p. 1083, §1; Act
99-664, 2nd Sp. Sess., p. 124, §1.)...
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40-18-34
Section 40-18-34 Additions required by corporations. The following items shall be added to
federal taxable income for purposes of computing taxable income under this chapter: (a) State
and local income taxes that are deductible in computing federal taxable income. (b) Interest
on obligations of state or local governments other than Alabama that is excludable from gross
income for federal income tax purposes. (c) Refunds of federal income taxes deducted. (d)
Dividends received from a corporation in which the taxpayer owns less than 20% of the stock
(by vote and value), but only to the extent such dividends are properly deducted in computing
taxable income for federal income tax purposes. (Acts 1935, No. 194, p. 256; Code 1940, T.
51, §401; Acts 1975, No. 1195, p. 2348, §1; Acts 1985, No. 85-515, §15; Act 98-502, p.
1083, §1; Act 99-664, 2nd Sp. Sess., p. 124, §1; Act 2000-702, p. 1425, §1.)...
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40-18-9
Section 40-18-9 Gain or loss - Optional method for returning as income increases in redemption
value of securities purchased at a discount. If, in the case of a taxpayer owning any noninterest-bearing
obligation issued at a discount and redeemable for fixed amounts increasing at stated intervals,
the increase in the redemption price of such obligation occurring in the taxable year does
not, under the method of accounting used in computing his net income, constitute income to
him in such year, such taxpayer may, at his election made in his return for any taxable year
beginning after December 31, 1942, treat such increase as income received in such taxable
year. If any such election is made with respect to any such obligation it shall apply also
to all such obligations owned by the taxpayer at the beginning of the first taxable year to
which it applies and to all such obligations thereafter acquired by him and shall be binding
for all subsequent taxable years, unless upon application by...
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40-16-1.2
Section 40-16-1.2 Additional items included in federal taxable income; items deducted from
federal taxable income. (a) The following items shall be added to federal taxable income for
purposes of computing net income under this chapter: (1) The tax due under this chapter that
is deducted in computing federal taxable income. (2) State and local taxes that are deducted
for purposes of calculating federal taxable income for which a credit is claimed under Section
40-16-8, to the extent the credit is utilized to reduce the tax owed under this chapter. (3)
Refunds of federal income taxes deducted in prior tax periods for purposes of computing the
tax due under this chapter. (4) Dividends received from a corporation in which the taxpayer
owns less than 20 percent of the stock, by vote and value, but only to the extent the dividends
are properly deducted in computing taxable income for federal income tax purposes. (5) State,
county, and municipal interest income from loans and securities that...
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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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40-2A-17
Section 40-2A-17 Allocation , etc., of gross income, deductions, etc., between entities controlled
by the same interests; improper contingent fees. For purposes of the tax imposed in Chapter
18 of this title, the following rules shall apply: (a) In any case of two or more organizations,
trades, or businesses (whether or not affiliated within the meaning of 26 U.S.C. § 1504)
owned or controlled directly or indirectly by the same interests, the Commissioner of the
Alabama Department of Revenue may distribute, apportion, or allocate gross income, deductions,
credits, or allowances, if the commissioner determines that such distribution, apportionment,
or allocation is necessary in order to prevent evasion of Alabama income taxes or to clearly
reflect the income of any such organization, trade, or business. (b) Any transaction based
upon tax planning advice, tax return preparation advice, or tax return preparation services
with respect to which an improper contingent fee is directly or...
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40-7-2.1
Section 40-7-2.1 Timing of property assessments, etc., homestead exemption. (a) This amendatory
act shall be known as the 1983 Taxpayer Convenience Act. (b) Notwithstanding any other law
to the contrary, the county tax assessor may assess property for tax purposes and perform
related tax assessing functions and requirements, including the acceptance of applications
for homestead exemptions, from January 1 to September 30 of each taxable year and the assessment,
including the homestead exemption, shall become effective on the following October 1. Provided,
however, nothing herein contained shall be construed to relieve a person claiming a homestead
exemption under Sections 40-9-19 to 40-9-21, inclusive, or any other law of the responsibility
of furnishing proof of age, or disability, and total gross income for the year preceding the
year for which the exemption will be effective as required by law. Any person who has qualified
for the homestead exemption because of age or disability and...
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40-18-176
Section 40-18-176 Nonresident shareholder composite returns. (a) The Department of Revenue
shall permit an Alabama S corporation to file composite returns and to make composite payments
on behalf of some or all of its nonresident shareholders if there are one or more nonresident
shareholders during any part of the taxable year. The Department of Revenue may permit composite
returns and payments to be made by an Alabama S corporation on behalf of its resident shareholders.
(b) For purposes of this section, a "composite return" means an informational return
similar in form to U.S. Treasury Department Schedule K-1 containing information concerning
one or more Alabama S corporation shareholder's respective shares of income, deductions and
losses passed through to them by virtue of their status as shareholders of an Alabama S corporation,
any credit to which the shareholder is entitled to claim by virtue of the Alabama S corporation's
payment of tax on his or her behalf pursuant to...
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40-16-4
Section 40-16-4 Levy; reporting of tax; promulgation of rules. (a)(1) Every such financial
institution engaging in any of the following businesses: (i) Banking; (ii) Conducting the
business of a financial institution as defined in this chapter; (iii) Conducting a credit
card business through the issuance of credit cards to Alabama residents or businesses; or
(iv) Conducting a business employing moneyed capital coming into competition with the business
of national banks shall pay to the state annually for each taxable year an excise tax measured
by its net income allocated and apportioned for the taxable year at the rate of six and one-half
percent of the net income. (2) For purposes of the excise tax imposed by this chapter, any
financial institution which has income from business activity that is taxable both within
and without this state shall allocate and apportion its net income as provided in rules which
shall be prescribed by the Department of Revenue, provided that such rules...
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40-18-156
Section 40-18-156 Alabama Veterinary Medical Foundation for the Spay-Neuter Program. (a) Each
Alabama state individual income tax return form for the 2012 tax year and each year thereafter
shall contain a designation which allows each individual taxpayer to designate a contribution
to the Alabama Veterinary Medical Foundation for the Spay-Neuter Program. (b) The Department
of Revenue shall determine annually the total amount designated pursuant to subsection (a)
for the foundation and shall deposit such amount, less costs of administration not to exceed
five percent of revenue produced, to the Alabama Veterinary Medical Foundation. (c) The Commissioner
of the Department of Revenue is hereby authorized to prescribe and implement such forms, rules,
and regulations as shall be necessary to implement and administer the provisions of this section.
(Act 2012-305, p. 667, §1.)...
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