Title 40

(a) In computing the net income of financial institutions subject to the tax imposed by this chapter, there shall be allowed, in addition to the deductions specified therein, a deduction for the sum of the net operating losses which may be carried forward to the taxable year for …

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 In…

Production credit associations, incorporated pursuant to the provisions of the act of Congress known as the Farm Credit Act of 1933, are not foreign corporations, and any such association which may become taxable by the state shall be subject to the same taxation imposed upon nat…

(a) Every financial institution, no later than the due date, including applicable extensions, for its corresponding federal income tax or federal information return, shall make and file with the Department of Revenue a return, signed under the penalties of perjury by its cashier,…

(a)(1) For tax years beginning on or after January 1, 2021, a financial institution excise taxpayer shall be allowed one month following the due date of the corresponding federal income tax return, including applicable extensions, to file the Alabama financial institution excise …

(a)(1) Every such financial institution engaging in any of the following businesses: (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…

(a) Financial institutions shall pay estimated financial institution excise tax in accordance with 26 U.S.C. § 6655, except the provisions of 26 U.S.C. § 6655(g)(1)(A)(ii) through (iii) shall not apply. The balance of the tax owed, after reduction by the credits allowed by this c…

(a) The remittance of the excise tax due under this chapter shall be made to the Department of Revenue at Montgomery, Alabama, with checks payable to the Department of Revenue. (b) The Department of Revenue shall promptly distribute the balance of financial institution excise tax…

All moneyed capital employed in the business the privilege of engaging in which is hereby taxed and the shares of all financial institutions, as in this chapter defined, shall be exempted from assessment and payment of ad valorem taxes, except the moneyed capital and shares of an…

Notwithstanding any other laws to the contrary, other than the tax credits allowed by Section 40-16-8, any law enacting or amending a tax credit allowed to a financial institution against the financial institution excise tax imposed by this chapter which becomes effective on or a…