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40-18-15.5
Section 40-18-15.5 Deductions for certain retrofitting or upgrades to homes - Residence in
Alabama. (a) Any individual taxpayer, whose legal residence is located in Alabama, shall be
allowed a deduction from taxable income, regardless of whether the taxpayer itemizes his or
her income tax deductions, in calculating the income tax imposed pursuant to Section 40-18-5,
for certain retrofit costs as described in this section. The deduction shall be allowed for
the costs incurred to retrofit a structure qualifying as the legal residence of the taxpayer
to make the structure more resistant to loss due to hurricane, tornado, other catastrophic
windstorm event, or rising floodwaters. (b) In order to qualify for the state income tax deduction
allowed pursuant to this section, costs may include ordinary repair, replacement, and upgrades
to existing residential property and new construction so long as the repair, replacement,
and upgrades are designed to resist loss associated with any windstorm...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-15.5.htm - 2K - Match Info - Similar pages
40-18-35
Section 40-18-35 Deductions allowed to corporations. (a) The following items shall be deducted
from federal taxable income for purposes of computing taxable income under this chapter: (1)
Refunds of state and local income taxes. (2) Federal income tax paid or accrued during the
taxpayer's taxable year. The portion of federal income tax deductible by a corporation earning
income from sources both inside and outside of Alabama shall be determined by the ratio that
the corporation's taxable income, computed without the deduction for federal income tax, apportioned
and allocated to Alabama bears to the corporation's taxable income, computed without the deduction
for federal income tax, apportioned and allocated everywhere. (3) Interest income earned on
obligations of the United States. (4)a. Interest income earned on obligations of the State
of Alabama or its subdivisions or instrumentalities thereof to the extent included in gross
income for the purposes of federal income taxation. b....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-35.htm - 9K - Match Info - Similar pages
40-18-15
Section 40-18-15 Deductions for individuals generally. (a) No deduction shall be allowed for
any losses, expenses, or interest deferred or disallowed pursuant to 26 U.S.C. § 267 or for
any cost required to be capitalized in accordance with 26 U.S.C. § 263A; otherwise, there
shall be allowed as deductions: (1) All ordinary and necessary expenses paid or incurred during
the taxable year in carrying on any trade or business, as determined in accordance with 26
U.S.C. § 162. (2) Interest paid or accrued within the taxable year on indebtedness, limited
to the amount allowable as an interest deduction for federal income tax purposes in the corresponding
tax year or period pursuant to the provisions of 26 U.S.C. §§ 163, 264, and 265. (3) The
following taxes paid or accrued within the taxable year: a. Income taxes, Federal Insurance
Contribution Act taxes, taxes on self-employment income and estate and gift taxes imposed
by authority of the United States or any possession of the United...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-15.htm - 18K - Match Info - Similar pages
40-18-15.4
Section 40-18-15.4 Deductions for certain retrofitting or upgrades to homes - Residence in
Alabama Insurance Underwriting Association zone. (a) An individual taxpayer, whose legal residence
is located in an Alabama Insurance Underwriting Association zone pursuant to Section 27-1-17,
shall be allowed a deduction from taxable income, regardless of whether the taxpayer itemizes
his or her income tax deductions, in calculating the income tax imposed pursuant to Section
40-18-5, for certain retrofit costs as described in this section. The deduction shall be allowed
for the costs incurred to retrofit, as specified in Section 27-31D-2, a structure qualifying
as the legal residence of a taxpayer to make the residence more resistant to loss due to a
hurricane, tornado, or other catastrophic windstorm event. (b) In order to qualify for the
state income tax deduction allowed pursuant to this section, the costs may not include ordinary
repair or replacement of existing items, and shall be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-15.4.htm - 2K - Match Info - Similar pages
40-9F-31
Section 40-9F-31 Definitions. As used in this article, the following terms shall have the following
meanings: (1) CERTIFIED HISTORIC STRUCTURE. A property located in Alabama which is at least
sixty years old, unless the structure is an historic structure located within the boundaries
of a National Monument or Park as declared by the United States Congress or the President
of the United States, in which case the federal age provisions shall apply, and is certified
by the Alabama Historical Commission as being individually listed in the National Register
of Historic Places, eligible for listing in the National Register of Historic Places, or certified
by the commission as contributing to the historic significance of a Registered Historic District.
(2) CERTIFIED REHABILITATION. Repairs or alterations to a certified historic structure that
is certified by the commission as meeting the U.S. Secretary of the Interior's Standards for
Rehabilitation which meet the requirements contained in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-9F-31.htm - 4K - 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.
§§ 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
40-27-1
Section 40-27-1 Compact adopted; terms. The following Multistate Tax Compact is hereby approved,
adopted and enacted into law by the State of Alabama: Multistate Tax Compact Article I. Purposes.
The purposes of this compact are to: 1. Facilitate proper determination of state and local
tax liability of multistate taxpayers, including the equitable apportionment of tax bases
and settlement of apportionment disputes. 2. Promote uniformity or compatibility in significant
components of tax systems. 3. Facilitate taxpayer convenience and compliance in the filing
of tax returns and in other phases of tax administration. 4. Avoid duplicative taxation. Article
II. Definitions. As used in this compact: 1. "State" means a state of the United
States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession
of the United States. 2. "Subdivision" means any governmental unit or special district
of a state. 3. "Taxpayer" means any corporation, partnership, firm,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-27-1.htm - 42K - Match Info - Similar pages
40-9F-2
Section 40-9F-2 Definitions. As used in this chapter, the following terms shall have the following
meanings: (1) CERTIFIED HISTORIC STRUCTURE. A property located in Alabama which is certified
by the Alabama Historical Commission as being individually listed in the National Register
of Historic Places, eligible for listing in the National Register of Historic Places, or certified
by the commission as contributing to the historic significance of a Registered Historic District.
(2) CERTIFIED REHABILITATION. Repairs or alterations to a certified historic structure that
is certified by the commission as meeting the U.S. Secretary of the Interior's Standards for
Rehabilitation, or to non-historic structures built before 1936 which are certified by the
commission as meeting the requirements contained in Section 47(c)(1)(a) and (b) of the Internal
Revenue Code, as amended, or to a certified historic residential structure as defined in subdivision
(4). (3) CERTIFIED HISTORIC RESIDENTIAL...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-9F-2.htm - 4K - Match Info - Similar pages
40-18-1
Section 40-18-1 Definitions. For the purpose of this chapter, the following terms shall have
the respective meanings ascribed by this section: (1) ADVANCED FOSSIL-BASED GENERATION. The
production of electricity from fossil-based generation with the use of technology or efficiency
improvements to control or reduce carbon emissions, including but not limited to, technologies
described in 26 U.S.C. § 48A(f), as such provision existed on December 31, 2007. (2) ALTERNATIVE
ENERGY RESOURCES. Coal gasification or liquefaction, nuclear, and advanced fossil-based generation.
(3) BIOMASS. Animals and plants, and the waste, by-products, or derivatives of either, including,
but not limited to, the materials described in 26 U.S.C. §§ 45(c)(2), 45(c)(3), 45K(c)(3),
or 48B(c)(4). (4) BUSINESS TRUST. Any entity which is a business trust for federal income
tax purposes. (5) CAPTIVE REIT. Any REIT whose shares or certificates of beneficial interest
are not regularly traded on an established...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-1.htm - 11K - Match Info - Similar pages
27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus Lines Insurance
Multi-State Compliance Compact Act is enacted into law and entered into with all jurisdictions
mutually adopting the compact in the form substantially as follows: PREAMBLE WHEREAS, with
regard to Non-Admitted Insurance policies with risk exposures located in multiple states,
the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted and
Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-61-1.htm - 62K - Match Info - Similar pages
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