40-14B-17
Section 40-14B-17 Vested premium tax credit - Pro rata allocation. (a) If the total premium tax credits claimed by all certified investors exceeds the total limits on premium tax credits established by subsection (a) of Section 40-14B-16, the Alabama Development Office shall allocate the total amount of premium tax credits allowed under this chapter to certified investors in certified capital companies on a pro rata basis in accordance with this chapter. (b) The pro rata allocation for each certified investor shall be the product of: (1) A fraction, the numerator of which is the amount of the premium tax credit allocation claim filed on behalf of the investor and the denominator of which is the total amount of all premium tax credit allocation claims filed on behalf of all certified investors. (2) The total amount of certified capital for which premium tax credits may be allowed under this chapter. (c) On October 15, 2002, the Alabama Development Office shall notify each certified...
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40-7-55
Section 40-7-55 Short form tax return; itemized listings. (a) Prior to October 1, 2014, the Department of Revenue shall design a non-itemized business personal property tax return short form "short form tax return" which, at the taxpayer's option, may be utilized for reporting total taxable tangible business personal property assets with original acquisition costs equal to or less than ten thousand dollars ($10,000) under the provisions of this article and any rules promulgated by the department related thereto. Any taxpaying entity utilizing the short form return agrees to a business personal property tax liability for that applicable tax year that is based upon taxable tangible business personal property assets valued at ten thousand dollars ($10,000), and that the submission of such short form return by the taxpayer is a declaration to the county assessing official or other applicable agency that the property is to be valued at ten thousand dollars ($10,000) for all taxable tangible...
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40-9F-34
Section 40-9F-34 Recapture of tax credits; assessment. (a) Recapture of any of the credit shall apply against the taxpayer who utilizes the credit, and any required adjustments to basis due to recapture, shall be governed by Section 50 of the Internal Revenue Code. (b) In the taxable year the certified rehabilitation is placed in service for any structure for which a tax credit has been issued, the commission shall provide notice of the certified rehabilitation and a copy of the appraisal provided by the owner to the taxing authority responsible for the assessment of ad valorem taxes. Upon notification, the taxing authority responsible for the assessment of ad valorem taxes shall complete a new assessment for the structure to be used in the assessment of ad valorem taxes for the tax year in which the certified rehabilitation was placed in service. (Act 2017-380, §5.)...
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34-19-19
Section 34-19-19 Liability of physician, health care provider, or hospital. No physician, other health care provider, or hospital shall be civilly or criminally liable for any act or omission or advice, care, or service provided by an individual practicing midwifery outside of a hospital or resulting from the choice of a woman to give birth to a child outside of a hospital, provided the midwife is not employed to practice midwifery by the physician, health care provider, or hospital or is not practicing midwifery as an employee, member, or shareholder of a business entity in which the physician, health care provider, or hospital participates by way of receiving monetary or non-cash income and has actual knowledge of the midwife's status as an employee, partner, member, or shareholder of the business entity. (Act 2017-383, §2.)...
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40-18-293
Section 40-18-293 Alabama income and financial institution excise tax credit. (a) An Alabama income and financial institution excise tax credit is hereby established for small businesses that create new jobs paying more than ten dollars ($10) per hour. The credit shall equal one thousand dollars ($1,000) and shall be available in the tax year during which the employee has completed 12 months of consecutive employment. (b) The employer must have a net increase in the total number of full time employees in Alabama on the last date of each tax year during which employees are hired for which the employer claims a credit, over the number employed in Alabama as of the last day of the tax year immediately preceding the first employment year. The increase must equal or exceed the number of newly hired employees for which a credit is sought by one employee for each newly hired employee for whom a credit is being sought for the current year, plus one employee for all employees for whom credits...
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40-7-10
Section 40-7-10 Allowance of statutory exemptions; property no longer exempt. The tax assessor shall have the right and authority beginning October 1, 1951, and annually thereafter, to credit any person entitled to a statutory ad valorem exemption that the tax assessor has the authority and right to grant, and who has heretofore claimed such exemption, such statutory exemption, without such person claiming same annually. Any person who shall hereafter become entitled to such statutory exemption shall make a claim to the tax assessor between October 1 and prior to January 1 of any taxable year and, if such claim is allowed, shall not be required to annually thereafter repeat such claim. Any person who has claimed a homestead exemption and is entitled to same shall be annually credited with such exemption, and such homestead exemption shall encompass all additions or extensions made to the homestead structure or structures since the homestead exemption was claimed and shall encompass any...
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40-9F-8
Section 40-9F-8 Rules and regulations; timing of applications and credits. The commission shall promulgate by September 1, 2013, any and all rules and regulations necessary to implement the provisions of this chapter. Applications for the reservation of tax credits shall be accepted beginning October 1, 2013, but no tax credit may be credited prior to the taxpayer's return for the taxable year 2014. (Act 2013-241, p. 579, §8.)...
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19-3A-505
Section 19-3A-505 Income taxes. (a) A tax required to be paid by a fiduciary based on receipts allocated to income shall be paid from income. (b) A tax required to be paid by a fiduciary based on receipts allocated to principal shall be paid from principal, even if the tax is called an income tax by the taxing authority. (c) A tax required to be paid by a fiduciary on the trust's share of an entity's taxable income shall be paid as follows: (1) From income to the extent that receipts from the entity are allocated only to income; (2) From principal to the extent that receipts from the entity are allocated only to principal; (3) Proportionately from principal and income to the extent that receipts from the entity are allocated to both income and principal; and (4) From principal to the extent that the tax exceeds the total receipts from the entity. (d) After applying subsections (a) through (c), the fiduciary shall adjust income or principal receipts to the extent that the trust's taxes...
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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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40-18-392
Section 40-18-392 (Tax credit expires January 1, 2019, per subsection (g)). Qualifications for and applicability of tax credit. (a) An Alabama small business tax credit is hereby allowed for any Alabama small business employer that creates a new job and hires a new full-time employee to fill that job. The credit shall be a one-time credit equal to one thousand five hundred dollars ($1,500) for each qualified new employee, and shall only be applicable to a tax year in which the new employee has completed 12 months of consecutive full-time employment with the employer. (b) To qualify for the credit, the employer must have a net employee growth as of the last date of each tax year during which the employer claims a credit pursuant to this article. The net employee growth must equal or exceed the number of qualified new employees for which a credit is sought in the current or applicable tax year, plus the total number of qualified new employees for whom credits were claimed pursuant to...
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