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40-18-160
Section 40-18-160 General provisions. (a) An Alabama S corporation shall not be subject to
the tax imposed by Section 40-18-31. (b) For purposes of this chapter, an "Alabama S
corporation" is a corporation: (1) With respect to which an election under 26 U.S.C.
§1362 is in effect; or (2)a. With respect to which there is in effect an election under 26
U.S.C. §1361(b)(3) to treat such corporation as a qualified subchapter S subsidiary; and
b. All the stock of which is owned by an S corporation qualifying as an "Alabama S corporation"
under subdivision (b)(1). No corporation shall be an Alabama S corporation for any portion
of a taxable year of the corporation during which an election under 26 U.S.C. §1362 or §1361(b)(3),
whichever is applicable, is not in effect for federal income tax purposes. No corporation
shall be an Alabama S corporation if it is a financial institution, as defined in Section
40-16-1. (c) For purposes of this chapter, an "Alabama C corporation" means any...
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40-9B-3
Section 40-9B-3 Definitions. (a) For purposes of this chapter, the following words and phrases
mean: (1) ABATE, ABATEMENT. A reduction or elimination of a taxpayer's liability for tax or
payments required to be made in lieu thereof. An abatement of transaction taxes imposed under
Chapter 23 of this title, or payments required to be made in lieu thereof, shall relieve the
seller from the obligation to collect and pay over the transaction tax as if the sale were
to a person exempt, to the extent of the abatement, from the transaction tax. (2) ALTERNATIVE
ENERGY RESOURCES. The definition given in Section 40-18-1. (3) CONSTRUCTION RELATED TRANSACTION
TAXES. The transaction taxes imposed by Chapter 23 of this title, or payments required to
be made in lieu thereof, on tangible personal property and taxable services incorporated into
an industrial development property, the cost of which may be added to capital account with
respect to the property, determined without regard to any rule which...
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40-18-15.2
Section 40-18-15.2 Net operating loss. Individuals may calculate a net operating loss from
a trade or business and apply the net operating loss against prior taxable income or future
taxable income pursuant to this section. (1) For purposes of this section, the term "net
operating loss" means the excess of the deductions allowed by this chapter over the gross
income. The excess shall be computed with the modifications specified in subdivision (5).
(2) A net operating loss may be carried back to each of the two taxable years preceding the
taxable year of the loss. A net operating loss carryover may be carried to each of the 15
years following the taxable year of the loss. (3) The entire amount of the net operating loss
for any taxable year (hereinafter referred to as the "loss year") shall be carried
to the earliest of the taxable years to which, by reason of subdivision (2) that loss may
be carried. The portion of the loss which shall be carried to each of the other taxable years
shall...
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40-9C-3
Section 40-9C-3 Definitions. For purposes of this chapter, the following words and phrases
shall have the following meanings: (1) ABATE, ABATEMENT. A reduction or elimination of a taxpayer's
liability for tax. An abatement of local and noneducation transaction taxes imposed under
Chapter 23 of this title shall relieve the seller from the obligation to collect and pay over
the local portion of the noneducation transaction tax as if the sale were to a person exempt,
to the extent of the abatement, from the local portion of the noneducation transaction tax.
(2) BROWNFIELD DEVELOPMENT PROPERTY. Real property which qualifies under Section 22-30E-6
for participation in the voluntary cleanup program established pursuant to Chapter 30E of
Title 22, and any personal property acquired in connection with the cleanup and redevelopment
of such real property. (3) CONSTRUCTION RELATED NONEDUCATION TRANSACTION TAXES. The local
portion of the transaction taxes imposed pursuant to Chapter 23 of this...
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40-16-1
Section 40-16-1 Definitions. For the purpose of this chapter, the following terms shall have
the respective meanings ascribed to them by this section: (1) FINANCIAL INSTITUTION. Any person,
firm, corporation, and any legal entity whatsoever doing business in this state as a national
banking association, bank, banking association, trust company, industrial or other loan company
or building and loan association, and such term shall likewise include any other institution
or person employing moneyed capital coming into competition with the business of national
banks, and shall apply to such person or institution regardless of what business form and
whether or not incorporated, whether of issue or not, and by whatsoever authority existing.
The common parent corporation of a controlled group of corporations eligible to elect to file
a consolidated excise tax return, in accordance with Section 40-16-3, shall be considered
a financial institution if such parent corporation is a registered bank...
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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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40-18-19
Section 40-18-19 Exemptions - Generally. (a) The following exemptions from income taxation
shall be allowed to every individual resident taxpayer: (1) Retirement allowances, pensions
and annuities, or optional allowances, approved by the Board of Control of the Teachers' Retirement
System of Alabama, which exempt status is set out in Section 16-25-23. (2) Retirement allowances,
pensions and annuities or optional allowances, approved by the Board of Control of the Employees'
Retirement System of Alabama, which exempt status is set out in Section 36-27-28. (3) The
first eight thousand dollars ($8,000) of any retirement compensation, retirement allowances,
pensions and annuities, or optional allowances, received by any eligible firefighter, as defined
in Sections 36-32-1 and 36-32-2, or his or her designated beneficiary, from any firefighting
agency established in the State of Alabama, but only if such retirement compensation, retirement
allowances, pensions and annuities, or optional...
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40-18-27
Section 40-18-27 Individual taxpayer's returns; liability of innocent spouse. (a) Every taxpayer
having gross income before the deductions allowed by this chapter for the taxable year exceeding
the sum of the allowable standard deduction as provided in Section 40-18-15 and the personal
exemption as provided in Section 40-18-19, as allowed for his or her respective filing status,
shall each year file with the Department of Revenue a return stating specifically the items
of gross income, the deductions and credits allowed by this chapter, the place of residence,
and post office address. (b) A taxpayer other than a resident shall not be entitled to the
deductions authorized by Sections 40-18-15 and 40-18-15.2 unless the taxpayer files a complete
return showing the gross income of the taxpayer both from within and outside the state. Included
on every income tax return shall be the name, address, and Social Security number or preparer
taxpayer identification number of the person who...
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40-14A-23
Section 40-14A-23 Definition of net worth. (a) Net worth of corporation. The net worth of a
corporation shall equal the aggregate net amount of the following items determined as of the
first day of the corporation's taxable year and adjusted as required in this article: (1)
In the case of a corporation, the sum of the following: a. The issued capital stock and any
additional paid-in capital, without reduction for treasury stock; and b. 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, and (2) In the case of an entity taxed as a corporation under this
article that does not issue stock, the difference between the book value of the entity's assets
and liabilities, but not less than zero. (b) Net worth of limited liability entities. The
net worth of a limited liability entity shall be an amount equal to the...
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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.
§§ 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...
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