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Section 40-18-461 – Cancellation of Indebtedness Income Under Cares Act, etc., Excluded From Alabama Individual Income Taxation and Deductions.

Section 40-18-461 Cancellation of indebtedness income under CARES Act, etc., excluded from Alabama individual income taxation and deductions. (a) Any amount of cancellation of indebtedness income resulting from a loan forgiven under Section 1106 or Section 1109 of the federal Coronavirus Aid, Relief, and Economic Security Act as redesignated or amended by the Economic Aid […]

Section 40-18-462 – Amounts of Certain Loans and Grants Under Cares Act, etc., Excluded From Alabama Individual Income Taxation and Deductions.

Section 40-18-462 Amounts of certain loans and grants under CARES Act, etc., excluded from Alabama individual income taxation and deductions. (a) Any subsidy payment for covered loans as described in Section 1112(c) of the federal Coronavirus Aid, Relief, and Economic Security Act; any amounts received as Emergency EIDL Grants under Section 1110 of the federal […]

Section 40-18-417.7 – Availability of Credits.

Section 40-18-417.7 Availability of credits. The Growing Alabama Credits provided in this article shall not be available for qualifying applicants as described in this article, for which applications are not approved on or prior to July 31, 2023, unless the Legislature enacts legislation to extend the date. This shall only affect the availability of credits […]

Section 40-18-421 – (Credit Expires After 2021 Tax Year Unless extended.) Definitions.

Section 40-18-421 (Credit expires after 2021 tax year unless extended.) Definitions. For the purposes of this article, the following terms shall have the following meanings: (1) APPRENTICE. A worker at least 16 years of age, except where a higher minimum age standard is otherwise fixed by law, who is employed to learn an apprenticeable occupation […]