Section 40-18-340 Definitions. As used in this article, the following terms shall have the following meanings: (1) AGRICULTURAL TRADE OR BUSINESS. Any trade or business described in the 2007 North American Industry Classification System, Sector 11, and includes such trades or businesses that may be hereafter reclassified in any subsequent publication of the North American […]
Section 40-18-341 Expense of qualified irrigation equipment. Notwithstanding any other provision of law to the contrary, for all tax years beginning after December 31, 2011, any agricultural trade or business may elect to expense qualified irrigation equipment under the provisions of 26 U.S.C. §179, as such section existed on January 1, 2011. (Act 2012-391, p. […]
Section 40-18-342 Tax credit for equipment and conversion costs. (a)(1) Subject to subdivision (2), for all tax years beginning after December 31, 2011, until tax year ending December 31, 2017, there shall be allowed to any agricultural trade or business an income tax credit equal to 20 percent of the cost of the purchase and […]
Section 40-18-343 Applicability of environmental and water laws and regulations. Nothing in this article changes the applicability of existing environmental and water laws and regulations in the State of Alabama including the Alabama Water Use Reporting Program administered by the Alabama Office of Water Resources. (Act 2012-391, p. 1049, §4.)
Section 40-18-344 Rules and regulations. The Department of Revenue shall promulgate rules and regulations for the implementation of the credit authorized in this article and shall coordinate with the Alabama State Soil and Water Conservation Committee (ASWC) for technical service for the eligible applicants. (Act 2012-391, p. 1049, §5.)
