Code of Alabama - Title 40: Revenue and Taxation - Chapter 14A - Alabama Business Privilege and Corporation Shares Tax of 1999

• Article 1 General Provisions.
• Section 40-14A-1 Definitions
  For purposes of this chapter, the following terms shall mean: (a) ALABAMA S CORPORATION. An S corporation defined under Section 40-18-160. (b) C CORPORATION. A...
• Section 40-14A-2 Operating rules
  (a) The taxpayer's net worth shall be determined for purposes of the taxes levied by this chapter in accordance with the accounting principles used in...
• Article 2 Privilege Tax.
• Section 40-14A-21 Short title
  This article shall be known and may be cited as the "Alabama Business Privilege Tax Act of 1999."
• Section 40-14A-22 Levy and amount of tax
  (a) Levy of tax. There is hereby levied an annual privilege tax on every corporation, limited liability entity, and disregarded entity doing business in Alabama,...
• Section 40-14A-23 Definition of net worth
  (a) Net worth of corporation. The net worth of a corporation shall equal the aggregate net amount of the following items determined as of the...
• 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...
• Section 40-14A-25 Filing of returns
  (a) Every taxpayer shall file a privilege tax return, which shall include the public record disclosures required by Section 10-2B-16.22, with the department for every...
• Section 40-14A-26 Remittance and disposition of tax
  The tax levied by this article shall be due at the same time the return is due. Remittance of the tax levied by this article...
• Section 40-14A-27 Dissolution, etc., of corporations or limited liability entities
  Whenever a corporation or a limited liability entity organized under the laws of this state is dissolved, terminated, liquidated, or otherwise wound-up, by an agreement...
• Section 40-14A-28 Nonexemption from license or privilege tax
  The payment of the tax levied by this article shall not exempt any taxpayer from the payment of any regular license or privilege tax required...
• Section 40-14A-29 Submission of initial tax and report
  (a) By domestic entities. Each corporation, limited liability entity, and disregarded entity organized under the laws of Alabama shall, within two and one-half months after...
• Article 3 Shares Tax.
• Section 40-14A-31 (Repealed for taxable years beginning on or after January 1, 2002.) Levy of tax
  (a) There is hereby levied an annual shares tax on all corporations incorporated or organized under the laws of Alabama, qualifying or registering to do...
• Section 40-14A-32 (Repealed for taxable years beginning on or after January 1, 2002.) Exemptions
  The tax levied by this article shall not apply to: (1) Financial institutions, as defined in Section 40-16-1, that are subject to the provisions of...
• Section 40-14A-33 (Repealed for taxable years beginning on or after January 1, 2002.) Definition of initial taxable shares base
  (a) Determine the sum of the following as of the first day of the corporation's taxable year: (1) The outstanding capital stock and any additional...
• Section 40-14A-34 (Repealed for taxable years beginning on or after January 1, 2002.) Definition of taxable shares base
  The taxable shares base shall be determined as follows: (a) Multiply the corporation's initial taxable shares base by the apportionment factor used to apportion the...
• Section 40-14A-35 (Repealed for taxable years beginning on or after January 1, 2002.) Filing of returns
  (a) Every corporation organized, incorporated, qualified, or registered under Alabama law or doing business in Alabama as of the first day of a calendar year...
• Section 40-14A-36 (Repealed for taxable years beginning on or after January 1, 2002.) Remittance and disposition of tax
  The tax levied by this article shall be due at the same time the return is due. Remittance of the shares tax required by the...
• Section 40-14A-37 (Repealed for taxable years beginning on or after January 1, 2002.) Dissolution, etc., of corporations
  Whenever a corporation organized or incorporated under the laws of this state is dissolved, terminated, liquidated, or otherwise wound-up, by an agreement of the stockholders...
• Section 40-14A-38 (Repealed for taxable years beginning on or after January 1, 2002.) Nonexemption from license or privilege tax
  The payment of the shares tax levied by this article shall not exempt any taxpayer from the payment of any regular license or privilege tax...
• Article 4 Exemptions.
• Section 40-14A-41 Applicability to certain entities organized before January 1, 1999
  The taxes levied by this chapter shall not apply to any entity that was organized before January 1, 1999, was not subject to the franchise...
• Section 40-14A-42 Applicability to certain corporations under contract with Department of Economic and Community Affairs
  The taxes levied by this chapter shall not apply to any corporation that is wholly or partially exempt from the franchise tax imposed by former...
• Section 40-14A-43 Applicability to organizations under 26 U.S.C.A. §501(a)
  The taxes levied by this chapter shall not apply to any organization described in 26 U.S.C. §501(a), any county, municipality, municipal corporation, or the State...

Last modified: May 3, 2021