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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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40-14A-32
Section 40-14A-32 (Repealed for taxable years beginning on or after January 1, 2002.) Exemptions.
The tax levied by this article shall not apply to: (1) Financial institutions, as defined
in Section 40-16-1, that are subject to the provisions of Chapter 16 as to the excise taxes
levied on financial institutions; (2) Insurance companies that are subject to the premium
taxes levied by Chapter 4A of Title 27; (3) Corporations, limited liability entities, companies,
or associations whose property is assessed for taxation pursuant to the provisions of Chapter
21 and are also obligated to serve the general public; (4) Real estate investment trusts as
defined in Chapter 13 of Title 10; and (5) Any corporation organized as a not-for-profit corporation
that does not engage in any business other than holding title to property and paying the expenses
thereof, including, without limitation, a property owner's association or a corporation organized
solely to hold title to property on a temporary...
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40-18-376
Section 40-18-376 Investment credit; realization methods; regulations. (a) If provided for
in the project agreement, the incentivized company is allowed an investment credit in an annual
amount equal to 1.5 percent of the capital investment incurred as of the beginning of the
incentive period, to be used as follows: (1) To offset the income taxes found in this chapter,
or as an estimated tax payment of income taxes; (2) To offset the financial institution excise
tax found in Chapter 16; (3) To offset the insurance premium tax levied by Section 27-4A-3(a),
or as an estimated payment of insurance premium tax; (4) To offset utility taxes; or (5) To
offset some combination of the foregoing, so long as the same credit is used only once. The
incentive period shall begin no earlier than the placed-in-service date. The incentive period
shall be 10 years. Should only some portion of a tax year be included in the incentive period,
the amount of the investment credit shall be prorated on a daily...
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41-9-218
Section 41-9-218 Definitions. As used in this article, the following terms shall have the following
meanings: (1) APPLICABLE PERCENTAGE. Zero percent for the first credit allowance date, 8.33
percent for the next six credit allowance dates, for the total of 50 percent. (2) CREDIT ALLOWANCE
DATE. With respect to any qualified equity investment, the date on which such investment is
initially made and each of the six anniversary dates of that date thereafter. (3) DEPARTMENT.
The Department of Commerce. (4) LONG-TERM DEBT SECURITY. Any debt instrument issued by a qualified
community development entity, at par value or a premium, with an original maturity date of
at least seven years from the date of its issuance, with no acceleration of repayment, amortization,
or prepayment features prior to its original maturity date. The qualified community development
entity that issues the debt instrument may not make cash interest payments on the debt instrument
during the period beginning on the...
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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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40-16-11
Section 40-16-11 Transition rules for Financial Institution Excise Tax Reform Act of 2019.
This section provides for transition rules for the implementation of the Financial Institution
Excise Tax Reform Act of 2019. (1) Act 2019-284 imposes for the first time a system of prepaid
estimated tax payments patterned after the federal system and transitions the Financial Institution
Excise Tax from the current post-payment system. To account for this transition, the Department
of Revenue shall waive both penalties and interest attributable to underpayments of estimated
tax payments occurring within the first two applicable tax years and not attributable to an
intentional disregard of the law. (2) Act 2019-284's conformity of the depreciation deduction
allowed in the calculation of the tax due under this chapter with the corollary deduction
allowed for federal income tax purposes, as well as the act's express rejection of the federal
Tax Cuts and Jobs Act of 2017's (i) limitations on the...
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40-18-25
Section 40-18-25 Estates and trusts. (a) For purposes of this chapter, the income and deductions,
including the distribution deduction, of estates and trusts shall be determined in accordance
with Subchapter J of Chapter 1 of Subtitle A of the Internal Revenue Code, 26 U.S.C. ยง641
et seq., relating to estates, trusts, beneficiaries, and decedents, except as otherwise provided
in this section. (1) The income and deductions shall be increased by any items that are includable
or deductible by an individual in computing Alabama income tax but are not includable or not
deductible by an individual in computing federal income tax. (2) The income and deductions
shall be decreased by any items that are not includable or not deductible by an individual
in computing Alabama income tax but are includable or deductible by an individual in computing
federal income tax. (b) For purposes of this chapter, the income and deductions of beneficiaries
of estates and trusts, and persons who are treated as...
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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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40-18-164
Section 40-18-164 Increase or decrease in basis of shareholder's stock; special rules. (a)
The basis of each shareholder's stock in an Alabama S corporation shall be increased for any
period by the sum of the following items determined with respect to that shareholder for the
period: (1) The items of income described in subdivision (1) of subsection (a) of Section
40-18-162. (2) Any nonseparately computed income determined under subdivision (2) of subsection
(a) of Section 40-18-162. (3) The excess of the deductions for depletion over the basis of
the property subject to depletion. (b) The basis of each shareholder's stock in an Alabama
S corporation shall be decreased for any period, but not below zero, by the sum of the following
items determined with respect to the shareholder for the period: (1) Distributions by the
corporation which were not includable in the income of the shareholder by reason of Section
40-18-165. (2) The items of loss and deduction described in subdivision (1)...
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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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