Code of Alabama - Title 40: Revenue and Taxation - Chapter 16 - Financial Institution Excise Tax

• Section 40-16-1 Definitions
  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,...
• Section 40-16-1.1 Taxation of trust as financial institution
  (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...
• 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...
• Section 40-16-1.3 Net income of credit unions
  (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,...
• Section 40-16-2 Production credit associations taxable under chapter
  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,...
• Section 40-16-3 Returns
  (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...
• Section 40-16-4 Levy; reporting of tax; promulgation of rules
  (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...
• Section 40-16-5 When tax due; extension of time for payment
  Repealed by Act 2019-284, §4, effective January 1, 2020.
• Section 40-16-5.1 Payment of estimated financial institution excise taxes
  (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)...
• Section 40-16-6 Remittance and disposition of tax
  (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...
• Section 40-16-8 Exemptions and credits
  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...
• Section 40-16-9 Tax credits applied to state portion of tax liability
  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...
• Section 40-16-10 Computation of net income of financial institutions
  (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...
• Section 40-16-11 Transition rules for Financial Institution Excise Tax Reform Act of 2019
  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...

Last modified: May 3, 2021