Shares of stock in corporations or associations incorporated under the laws of this state or otherwise shall be exempt from ad valorem taxation in this state. (Act 99-665, 2nd Sp. Sess., p. 131, §8.)
Exemption of Shares in Corporations from Ad Valorem Tax
Ala. Code § 40-9-32, under General Provisions.
Ala. Code § 40-9-32