Title 40 — Title 40
0 chapters · 2,056 sections in this title.
Ala. Code § 40-16-1 Definitions
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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…
Ala. Code § 40-16-1.1 Taxation of Trust as Financial Institution
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(a) For purposes of this section, “trust” shall have the same meaning given to it in Section 40-18-1. (b) Any trust which would be subject to tax under Chapter 18 but which also is a financial institution shall be taxed as a financial institution under this chapter, applying the …
Ala. Code § 40-16-1.2 Additional Items Included in Federal Taxable Income; Items Deducted from Federal Taxable
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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 c…
Ala. Code § 40-16-1.3 Net Income of Credit Unions
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(a) With respect to credit unions only, net income means financial statement income which is the final net income amount, total revenue less total expenses, calculated for financial statement purposes and reported to the Internal Revenue Service as a tax exempt organization and t…
Ala. Code § 40-16-10 Computation of Net Income of Financial Institutions
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(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 …
Ala. Code § 40-16-11 Transition Rules for Financial Institution Excise Tax Reform Act of 2019
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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…
Ala. Code § 40-16-2 Production Credit Associations Taxable Under Chapter
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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…
Ala. Code § 40-16-3 Returns
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(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,…
Ala. Code § 40-16-3.1 Extension of Due Date for Taxpayers of Financial Institution Excise Tax, Tax Years Beginning
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on or After January 1, 2021. (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 …
Ala. Code § 40-16-4 Levy; Reporting of Tax; Promulgation of Rules
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(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 …
Ala. Code § 40-16-5 When Tax Due; Extension of Time for Payment
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Repealed by Act 2019-284, §4, effective January 1, 2020. History: (Acts 1935, No. 194, p. 256; Code 1940, T. 51, §428; Acts 1943, No. 524, p. 490; Acts 1978, No. 840, p. 1247, §4; Acts 1992, No. 92-186, p. 349, §46.)
Ala. Code § 40-16-5.1 Payment of Estimated Financial Institution Excise Taxes
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(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…
Ala. Code § 40-16-6 Remittance and Disposition of Tax
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(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…
Ala. Code § 40-16-8 Exemptions and Credits
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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…
Ala. Code § 40-16-9 Tax Credits Applied to State Portion of Tax Liability
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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…