Section 40-18-446 – (Effective for Tax Returns Due on or After January 1, 2018) Rulemaking Authority.
Section 40-18-446 (Effective for tax returns due on or after January 1, 2018) Rulemaking authority. The department shall adopt rules to assist with the implementation and enforcement of this article. (Act 2017-363, §10.)
Section 40-18-460 – Exclusion of Cares Act Relief Benefits, etc., From Alabama Individual Income Taxation and Deductions.
Section 40-18-460 Exclusion of CARES Act relief benefits, etc., from Alabama individual income taxation and deductions. (a) Any tax credits or advance refund amounts received as a result of the federal Coronavirus Aid, Relief, and Economic Security Act, as provided in 26 U.S.C. § 6428, or as a result of Section 272 of the COVID-related […]
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 40-18-417.1 – Definitions.
Section 40-18-417.1 DEFINITIONS. For the purposes of this article, the following words and phrases shall have the following meanings: (1) ACCELERATOR. A company that, for a fixed term, educates and mentors early-stage technology companies recruited to a location in Alabama, with the goal of accelerating the companies’ development and growth. (2) CAPITAL IMPROVEMENTS. Construction and […]
Section 40-18-444 – (Effective for Tax Returns Due on or After January 1, 2018) Duties of the Department.
Section 40-18-444 (Effective for tax returns due on or after January 1, 2018) Duties of the department. (a) For taxable years beginning on or after January 1, 2018, the department, by rule, shall require any income tax return preparer, as defined in this article, to include his or her PTIN on any tax return prepared […]
Section 40-18-417.2 – Applications.
Section 40-18-417.2 APPLICATIONS. (a)(1) A local economic development organization which owns a site may apply to the Department of Commerce for funding to solve an inadequacy involving the site. The application by the local economic development organization shall include at least one of the following: a. If there is a pending expression of interest about […]
Section 40-18-445 – (Effective for Tax Returns Due on or After January 1, 2018) Enforcement.
Section 40-18-445 (Effective for tax returns due on or after January 1, 2018) Enforcement. (a) The department may investigate the actions of any income tax return preparer filing Alabama income tax returns and may bar or suspend an income tax return preparer from filing returns with the department for good cause, subject to the appeal […]
Section 40-18-417.3 – Approval of Applications; Agreements.
Section 40-18-417.3 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2021 REGULAR SESSION, EFFECTIVE FEBRUARY 12, 2021. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) Following a review, if the Department of Commerce should approve the application provided in subsection (a) of Section 40-18-417.2, it shall forward the application to the Renewal […]
Section 40-18-417.4 – Scope and Use of Growing Alabama Credits.
Section 40-18-417.4 Scope and use of Growing Alabama Credits. (a) A taxpayer is allowed a Growing Alabama Credit to be applied against all of the following: (1) To offset the income taxes levied in this chapter, or as an estimated tax payment of income taxes. (2) To offset the state portion of the financial institution […]