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5-24-1
Section 5-24-1 Definitions. In this chapter: (1) ACCOUNT means a contract of deposit between
a depositor and a financial institution, and includes a checking account, savings account,
time deposit, certificate of deposit, and share account. (2) AGENT means a person authorized
to make account transactions for a party. (3) BENEFICIARY means a person named as one to whom
sums on deposit in an account are payable on request after death of all parties or for whom
a party is named as trustee. (4) DEVISEE means any person designated in a will to receive
a testamentary disposition of real or personal property. (5) FINANCIAL INSTITUTION means an
organization authorized to do business under state or federal laws relating to financial institutions,
and includes a bank, trust company, savings bank, building and loan association, savings and
loan company or association, and credit union. (6) HEIRS means those persons, including surviving
spouse, who are entitled under the statutes of intestate...
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40-14A-24
Section 40-14A-24 Net worth in Alabama. (a) A taxpayer's net worth in Alabama shall be determined
by apportioning the taxpayer's net worth computed under Section 40-14A-23 in the same manner
as prescribed for apportioning income during the determination period for purposes of the
income tax levied by Chapter 18, or the manner in which the income would be apportioned if
the taxpayer were subject to the income tax, or for the purposes of the financial institution
excise tax levied by Chapter 16; provided, however, that the net worth of insurers subject
to the insurance premium tax levied by Chapter 4A of Title 27 shall be apportioned on the
basis of the ratio of the insurer's Alabama premium income to its nationwide total direct
premiums as reflected on schedule T of the insurer's annual statement filed with the Commissioner
of Insurance for the then immediately preceding calendar year. (b) There shall be deducted
from the amount of net worth in Alabama as determined in accordance with...
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40-18-322
Section 40-18-322 Eligibility for tax credit. For all tax years beginning on or after January
1, 2018, a qualified employer subject to the requirements of this article and Sections 40-18-290
through 40-18-293 shall be eligible for an additional nonrefundable credit against the income
tax liability imposed or the state portion of the financial institution excise tax owed in
an amount equal to two thousand dollars ($2,000) for each new unemployed or combat veteran
hired after March 12, 2018, for a full-time position paying at least fourteen dollars ($14)
per hour, the majority of the duties of which are at a business location within Alabama. The
additional credit shall be available in the tax year during which the employee has completed
12 months of consecutive employment. (Act 2012-168, p. 254, §3; Act 2018-194, §3.)...
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40-18-8.1
Section 40-18-8.1 Gain or loss - Recognition of gains invested in opportunity zones. (a) A
qualified employee's gain shall not be recognized upon the disposition of his or her ownership
interest in a qualified entity, and a qualified investment fund's gain shall not be recognized
upon the disposition of the fund's ownership interest in a qualified entity. (b) Subsection
(a) shall be applied as to each of the following taxes: (1) The income tax levied by this
chapter, or the estimated income tax payment; and (2) The financial institution excise tax
found in Chapter 16. (c) The following terms shall have the following meanings: (1) A company
is anyone or anything with the powers to conduct a lawful business. (2) The disposition date
is the date on which an ownership interest in a qualified entity is sold or otherwise disposed
of, triggering a capital gain. (3) A qualified entity is any company which meets all of the
following: a. As of August 5, 2019, Alabama is not the company's...
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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....
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40-16-1.2
Section 40-16-1.2 Additional items included in federal taxable income; items deducted from
federal taxable income. (a) The following items shall be added to federal taxable income for
purposes of computing net income under this chapter: (1) The tax due under this chapter that
is deducted in computing federal taxable income. (2) State and local taxes that are deducted
for purposes of calculating federal taxable income for which a credit is claimed under Section
40-16-8, to the extent the credit is utilized to reduce the tax owed under this chapter. (3)
Refunds of federal income taxes deducted in prior tax periods for purposes of computing the
tax due under this chapter. (4) Dividends received from a corporation in which the taxpayer
owns less than 20 percent of the stock, by vote and value, but only to the extent the dividends
are properly deducted in computing taxable income for federal income tax purposes. (5) State,
county, and municipal interest income from loans and securities that...
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40-18-21
Section 40-18-21 Credits for taxes paid on income from sources outside the state and for job
development fees. (a)(1) For the purpose of ascertaining the income tax due under the provisions
of this chapter by individual residents of Alabama whose gross income, as defined herein,
is derived from sources both within and outside the State of Alabama, there shall be allowed
a credit against the amount of tax found to be due by such resident, on account of income
derived from outside the State of Alabama, the amount of income tax actually paid by such
resident to any state or territory on account of business transacted or property held, directly
or indirectly, outside the State of Alabama. Resident individual owners of Subchapter K entities,
Alabama S corporations, and beneficiaries of estates or trusts who include their proportionate
share of the income arising from one or more of these entities in their Alabama gross income
shall be allowed a credit for their proportionate share of the...
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40-18-2
Section 40-18-2 Levied; persons and subjects taxable generally. (a) In addition to all other
taxes now imposed by law, there is hereby levied and imposed a tax on the taxable income,
as defined in this chapter, which tax shall be assessed, collected, and paid annually at the
rate specified herein and for each taxable year as hereinafter provided. Persons and subjects
taxable under this chapter are: (1) Every individual residing in Alabama. (2) Every corporation
domiciled in Alabama or licensed or qualified to transact business in Alabama. (3) Every corporation
doing business in Alabama or deriving income from sources within Alabama, including income
from property located in Alabama. (4) Every nonresident estate or nonresident trust receiving
income from property owned or business transacted in Alabama. (5) Every resident estate and
resident trust. (6) Every nonresident individual receiving income from property owned or business
transacted in Alabama. (b) Every natural person domiciled...
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40-18-79
Section 40-18-79 Overpayment of tax. Where there has been an overpayment of any tax imposed
under Section 40-18-71 or 40-18-80, the amount of such overpayment, if a petition for refund
is timely filed or the department otherwise allows an automatic refund within that period,
may be credited against any income tax or installment thereof then due from the taxpayer,
and any balance shall be refunded to the taxpayer or if the taxpayer's bank or other financial
institution, pursuant to the State Financial External Lead Program or any other similar program
selected by the department, certifies a petition for reimbursement that it has credited the
taxpayer's account in the amount of the refund due the taxpayer because the taxpayer's refund
was erroneously reversed by the department, then the balance shall be paid to the bank or
other financial institution as reimbursement. Any costs or reimbursement incurred shall be
paid from the same funds to which income tax revenues are deposited. (Acts...
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5-12A-15
Section 5-12A-15 Taxation. A common trust fund, whether established, maintained, and administered
pursuant to the requirements of this chapter or established, maintained, administered, and
invested in without regard to the requirements and limitations of this chapter, as provided
in Section 5-12A-13, shall not be subject to taxation under any income tax law of the State
of Alabama. The computation of gain, loss, basis, taxable income, taxable loss, and other
income tax treatment of a common trust fund and its participants, shall be determined in accordance
with 26 U.S.C. §584, as amended from time to time. Every trust institution maintaining a
common trust fund shall make a return under oath for each fiscal year stating specifically
with respect to the fund the items of gross income and the deductions allowed by law, and
shall include in the return the names and addresses of the participants entitled to share
in the net income of the fund and the amount of the proportionate share of...
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