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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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-174.htm - 7K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-9-219-6.htm - 2K - Match Info - Similar pages
40-18-162
Section 40-18-162 Determination of tax of shareholder. (a) In determining the tax of
a shareholder for the shareholder's taxable year in which the taxable year of the Alabama
S corporation ends, or for the final taxable year of a shareholder who dies or of a trust
or estate that terminates before the end of the corporation's taxable year, there shall be
taken into account the shareholder's pro rata share of the corporation's: (1) Items of income,
including tax-exempt income, loss, deduction, or credit the separate treatment of which could
affect the liability for tax of any shareholder, including charitable contributions, and (2)
Nonseparately computed income or loss. The term "nonseparately computed income or loss"
means gross income minus the deductions allowed to the corporation under this article, determined
by excluding all items described in subdivision (1) of this subsection. (b) The character
of any item included in a shareholder's pro rata share under subsection (a) of this...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-162.htm - 4K - Match Info - Similar pages
40-18-175
Section 40-18-175 Tax imposed when passive investment income of corporation having subchapter
C earnings and profits exceeds 25 percent of gross receipts. (a) If for the taxable year an
Alabama S corporation has accumulated earnings and profits at the close of the taxable year
derived from years during which the corporation was an Alabama C corporation, and gross receipts
more than 25 percent of which are passive investment income, then there is imposed a tax on
the income of the corporation for the taxable year. The tax shall be computed by multiplying
the excess net passive income by five percent. (b) (1) For purposes of this section:
a. Except as provided in paragraph b below, the term "excess net passive income"
means an amount which bears the same ratio to the net passive income for the taxable year
as (i) the amount by which the passive investment income for the taxable year exceeds 25 percent
of the gross receipts for the taxable year, bears to (ii) the passive investment income...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-175.htm - 3K - Match Info - Similar pages
40-18-24
Section 40-18-24 Taxation of subchapter K entity. (a) The amount of income, deduction,
gain, loss, or credit includable or deductible by an owner of an interest in a subchapter
K entity shall be determined in accordance with subchapter K of the Internal Revenue Code,
26 U.S.C. ยงยง 701-761. (b) For purposes of computing its net income, a subchapter K entity
shall add back otherwise deductible interest expenses and costs and intangible expenses and
costs directly or indirectly paid, accrued or incurred to, or in connection directly or indirectly
with, one or more direct or indirect transactions, with one or more related members, except
to the extent the subchapter K entity shows, upon request by the commissioner, that the corresponding
item of income was in the same taxable year: (1) subject to a tax based on or measured by
the related member's net income in Alabama or any other state of the United States, or (2)
subject to a tax based on or measured by the related member's net income...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-24.htm - 4K - Match Info - Similar pages
40-18-403
Section 40-18-403 Port credits. (a) If approved by the commission, a port credit is
allowed, in an amount equal to fifty dollars ($50) per TEU, three dollars ($3) per net ton,
or four cents ($0.04) per kilogram for air freight, multiplied by the following: (1) The port
user's cargo volume in the 12-month period for which the commission has granted approval for
the port user to claim the port credit, minus (2) The port user's base cargo volume. (b) The
commission shall decrease the amount of the port credit to ensure that the anticipated revenues
for the port facility and state will exceed the amount of the port credit sought. The port
credit may be conditioned on whatever requirements the commission shall impose. The port credits
shall only be available to the extent that a port facility user ships more than 105 percent
of its cargo volume from the 12-month period immediately preceding the port facility user's
application. Moreover, the port credit shall only be available to the extent...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-403.htm - 4K - Match Info - Similar pages
41-9-219.3
Section 41-9-219.3 Application for designation as a qualified equity investment. (a)
A qualified community development entity that seeks to have an equity investment or long-term
debt security designated as a qualified equity investment and eligible for tax credits under
this article shall apply to the department. The qualified community development entity shall
submit an application on a form that the department provides that includes all of the following:
(1) The name, address, tax identification number of the entity, and evidence of the entity's
certification as a qualified community development entity. (2) A copy of any allocation agreement
executed by the entity, or its controlling entity, and the Community Development Financial
Institutions Fund. (3) A certificate executed by an executive officer of the entity attesting
that the allocation agreement remains in effect and has not been revoked or cancelled by the
Community Development Financial Institutions Fund. (4) A description...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-9-219.3.htm - 5K - Match Info - Similar pages
24-11-8
Section 24-11-8 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018
REGULAR SESSION, EFFECTIVE MARCH 28, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Penalty
for Withdrawal for Purpose Other Than Eligible Costs. Except as otherwise provided in this
section, if the account holder withdraws any funds from a first-time and second chance
home buyer savings account for a purpose other than eligible costs for the purchase of a single-family
residence in this state, the following shall apply: (1) The entire balance of the fund, including
interest and other income on principal, shall be included in the account holder's taxable
income for the tax year in which the withdrawal was made. (2) The account holder shall pay
a penalty to the Department of Revenue equal to 10 percent of the amount withdrawn. The penalty
shall not apply to funds withdrawn from an account which were: a. Withdrawn by reason of the
account holder's death or disability or due to unemployment after the account...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/24-11-8.htm - 2K - Match Info - Similar pages
40-23-196
Section 40-23-196 Refund or credit of excess taxes paid. (a) Any taxpayer who pays a
simplified sellers use tax through this program that is higher than the actual state and local
sales or use tax levied in the locality where the sale was delivered may file for a refund
or credit of the excess amount paid to the eligible seller participating in the program. A
business taxpayer who has a registered consumer use tax account with the department may claim
credit for the overpayment of simplified use tax on their consumer use tax return in a manner
prescribed by the department. All other taxpayers may file a petition for refund in the manner
prescribed by the department. The petition for refund may only be filed once per year. In
the event the amount due to be refunded in a year is less than twenty-five ($25.00) dollars,
payment of the refund may be deferred by the department and combined with amounts due to be
paid pursuant to subsequent annual refund petitions for a period of up to three...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-23-196.htm - 1K - Match Info - Similar pages
40-18-140
Section 40-18-140 Contribution designations. (a)(1) Each Alabama resident individual
income taxpayer desiring to contribute to any of the programs listed in subsection (b) may
designate an amount of his or her refund, rounded off in whole dollars, in an appropriate
box on the state income tax return form, to be credited to the program. (2) All future check-offs,
duly enacted by the Legislature subsequent to April 17, 2006, shall be accorded an appropriate
box on the state income tax return forms, subject to the terms and conditions prescribed herein,
without the requirement that they be added by amendment to this section. (b) Contributions
received for the following authorized charitable and nonpolitical income tax check-off recipients,
less costs of administration to the Department of Revenue not to exceed five percent, shall
be distributed and appropriated as provided herein: (1) Contributions to the Alabama Aging
Program shall be deposited with the State Treasurer into the Alabama...
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