reglab/housing_qa huggingface dataset:
AL Code § 40-18-15.8 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 18 - Income Taxes.|Article 1 - General Provisions.|Section 40-18-15.8 - This Section Was Assigned by the Code Commissioner in the 2021 Regular Session, Effective for Tax Years After December 1, 2021. This Is Not in the Current Code Supplement.

Section 40-18-15.8THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2021 REGULAR SESSION, EFFECTIVE FOR TAX YEARS AFTER DECEMBER 1, 2021. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.  (a) An individual taxpayer shall be allowed a deduction from gross income, regardless of whether the taxpayer itemizes income tax deductions in calculating the income tax imposed pursuant to Section 40-18-5, for contributions made to an Alabama Achieving a Better Life Experience (ABLE) savings account, defined in Section 16-33C-3, as prescribed by this section. (b) An individual taxpayer will be allowed to deduct contributions made on or after January 1, 2021 to an Alabama ABLE savings account, by or on behalf of such individual, of an amount up to five thousand dollars ($5,000) per annum. If the taxpayer makes a nonqualified withdrawal as defined by Section 529A of the Internal Revenue Code (26 U.S.C. 529A), the amount of the nonqualified withdrawal, plus 10 percent of the amount withdrawn, shall be added back to the income of the contributing taxpayer in the year the nonqualified withdrawal was distributed. Rollover amounts transferred to an Alabama ABLE savings account shall not be considered contributions for purposes of this deduction to the extent that an Alabama income tax deduction has already been claimed for the rollover contribution amounts. (c) The Department of Revenue may adopt rules to assist with the administration of this section. (d) Unless extended by an act of the Legislature, this section shall sunset on December 31, 2025. (Act 2021-514, §§1-3.)
AL Code § 40-18-16 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 18 - Income Taxes.|Article 1 - General Provisions.|Section 40-18-16 - Depreciation.

Section 40-18-16Depreciation. (a) Basis for depreciation. The basis upon which exhaustion, wear and tear, depreciation and obsolescence are to be allowed shall be such reasonable allowance as may be determined by the Department of Revenue on the adjusted basis provided in Section 40-18-6 for the purpose of determining the gain or loss upon sale or other disposition of such property.  (b) Basis for depletion. (1) GENERAL RULE. The basis upon which depletion is to be allowed shall be such reasonable allowance as may be determined by the Department of Revenue on the adjusted basis provided in Section 40-18-6 for the purpose of determining the gain or loss upon the sale or other disposition of such property, except as provided in subdivision (2) of this subsection. (2) AMOUNT. In the case of oil and gas wells, the allowance for depletion shall be 12 percent of the gross income from the property during the taxable year, excluding from such gross income an amount equal to any rents or royalties paid or incurred by the taxpayer in respect to the property. Such amounts shall not exceed 50 percent of the net income of the taxpayer, computed without allowance for depletion, from the property, except that in no case shall the depletion allowance be less than the amount allowable under federal income tax law. In the case of leases the deductions allowed by this paragraph shall be equitably apportioned between the lessor and the lessee. (Acts 1935, No. 194, p. 256; Code 1940, T. 51, §386; Acts 1953, No. 719, p. 973; Act 99-664, 2nd Sp. Sess., p. 124, §1.)
AL Code § 40-18-17 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 18 - Income Taxes.|Article 1 - General Provisions.|Section 40-18-17 - Items Not Deductible.

Section 40-18-17Items not deductible. In computing net income, no deduction shall in any case be allowed in respect of personal, living, or family expense; any amount paid out for new buildings or for permanent improvements or betterment made to increase the value of any property or estate; any amount expended in restoring property or in making good the exhaustion thereof, for which an allowance is or has been made; or premiums paid on any life insurance policy covering the life of any officer or employee or of any person financially interested in any trade or business carried on by the taxpayer when the taxpayer is directly or indirectly a beneficiary under such policy. (Acts 1935, No. 194, p. 256; Code 1940, T. 51, §387.)
AL Code § 40-18-18 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 18 - Income Taxes.|Article 1 - General Provisions.|Section 40-18-18 - Amortization of War or Emergency Facilities.

Section 40-18-18Amortization of war or emergency facilities. Repealed by Act 98-502, § 2. (Acts 1943, No. 470, p. 434.)
AL Code § 40-18-19.1 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 18 - Income Taxes.|Article 1 - General Provisions.|Section 40-18-19.1 - Exemptions for Severance, Unemployment Compensation, Etc.

Section 40-18-19.1Exemptions for severance, unemployment compensation, etc. (a) Effective for the 1997 state income tax year and through tax year ending December 31, 2019, an amount up to twenty-five thousand dollars ($25,000) received as severance, unemployment compensation or termination pay, or as income from a supplemental income plan, or both, by an employee who, as a result of administrative downsizing, is terminated, laid-off, fired, or displaced from his or her employment, shall be exempt from any state, county, or municipal income tax. (b) Effective for tax years beginning after December 31, 2019, an amount up to fifty thousand dollars ($50,000) per tax year received as severance, unemployment compensation, or termination pay, or as income from a supplemental income plan, or both, by an employee who, as a result of administrative downsizing, is terminated, laid-off, fired, or displaced from his or her employment, shall be exempt from any state, county, or municipal income tax. The exemption is limited to the amount of the actual payment or payments, but in no case shall exceed fifty thousand dollars ($50,000) per tax year. (c) Notwithstanding subsections (a) and (b), for taxable years 2020 and 2021, any amount received as unemployment compensation as a result of the federal Coronavirus Aid, Relief, and Economic Securities Act, as provided in 15 U.S.C. § 9021, 15 U.S.C. § 9023, or as provided in Section 201 or 203 (Extension of CARES Act Unemployment Provisions) of the Consolidated Appropriations Act, 2021 Pub. L. 116-260, or as a result of further extension of these benefits shall be exempt from any state, county, or municipal income tax.  (d) An employee whose termination from employment is due to misconduct shall not be allowed to take the tax exemption provided in this section. (e) The department shall adopt rules to administer this section. (Acts 1997, No. 97-705, p. 1456, §1; Act 2021-240, §4.)
AL Code § 40-18-20 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 18 - Income Taxes.|Article 1 - General Provisions.|Section 40-18-20 - Exemptions - Military Retirement Benefits.

Section 40-18-20Exemptions - Military retirement benefits. (a) The first $4,750 retirement or compensation received as retirement benefit from the military services by any person retired from the military services of the United States of America and survivor benefits derived therefrom is hereby exempt from any state, county or municipal income tax or like tax by whatever name called. (b) Effective January 1, 1983, the amount of the exemption provided for in subsection (a) of this section shall be increased to $8,000. (c) Effective January 1, 1985, the amount of the exemption provided for in subsection (b) of this section shall be increased to $10,000. (d) Effective January 1, 1989, and for all successive tax years, all retirement payments or compensation recognized under this section shall be exempt. (Acts 1975, No. 1036, p. 2078, §1; Acts 1982, No. 82-416, p. 627; Acts 1990, No. 90-596, p. 1041, §2.)
AL Code § 40-18-21.1 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 18 - Income Taxes.|Article 1 - General Provisions.|Section 40-18-21.1 - Annual Report of Credits Claimed for Taxes Paid to Foreign Countries.

Section 40-18-21.1Annual report of credits claimed for taxes paid to foreign countries. The Department of Revenue shall report annually to the Legislature the extent to which credits for taxes paid to foreign countries are claimed during the preceding tax year. The report shall be due on the fifth legislative day of each regular session and shall state the number of taxpayers who claim the credits and the total amount of credits claimed during the year. (Act 2012-427, p. 1163, §2.)
AL Code § 40-18-22 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 18 - Income Taxes.|Article 1 - General Provisions.|Section 40-18-22 - Taxpayers Engaged in Multistate Business - Allocation and Apportionment of Deductions and Exemptions.

Section 40-18-22Taxpayers engaged in multistate business - Allocation and apportionment of deductions and exemptions. Taxpayers, including corporations, as well as subchapter K entities and Alabama S corporations, engaged in multistate business in such a manner as to subject their income to allocation and apportionment provided by the Multistate Tax Compact shall allocate and apportion their income, gains, losses, deductions, credits, and exemptions in the manner provided by Chapter 27. This section shall not apply to individuals. (Acts 1967, No. 396, p. 999, §1; Acts 1997, No. 97-625, p. 1048, §3; Act 2006-114, p. 173, §2.)
AL Code § 40-18-23 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 18 - Income Taxes.|Article 1 - General Provisions.|Section 40-18-23 - Taxpayers Engaged in Multistate Business - Option of Certain Taxpayers to Report and Pay Tax on Basis of Percentage of Volume.

Section 40-18-23Taxpayers engaged in multistate business - Option of certain taxpayers to report and pay tax on basis of percentage of volume. Any taxpayer who has taxable income from business activities both within and without this state, whose only business activities within this state consist of sales and do not include owning or renting real estate or tangible personal property, and whose dollar volume of gross sales made during the tax year within this state is not in excess of $100,000 may elect to report and pay any income tax due on the basis of a percentage of such volume. If a taxpayer elects to report and pay income tax due on the basis of a percentage of sales in this state, the percentage rate shall be one fourth of one percent of such volume of sales. The report shall be made on forms prescribed by the Commissioner of Revenue and shall be due and payable on the same date and in the same manner as provided in Sections 40-18-27 and 40-18-39. (Acts 1967, No. 392, p. 979, §1.)
AL Code § 40-18-24.1 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 18 - Income Taxes.|Article 1 - General Provisions.|Section 40-18-24.1 - Composite Return and Payment by Nonresident Owner of Subchapter K Entity.

Section 40-18-24.1Composite return and payment by nonresident owner of subchapter K entity. Repealed by Act 2009-144, p. 268, §12, effective January 1, 2009. (Act 2001-1105, 4th Sp. Sess., p. 1169, §1.)
AL Code § 40-18-24.3 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 18 - Income Taxes.|Article 1 - General Provisions.|Section 40-18-24.3 - Taxation on Distributive Share of Interest, Dividends, etc., of Nonresident Member of Qualified Investment Partnership.

Section 40-18-24.3Taxation on distributive share of interest, dividends, etc., of nonresident member of qualified investment partnership. (a) Notwithstanding any other provision of this chapter to the contrary, including Sections 40-18-2 and 40-18-24.2, no income tax shall be due the State of Alabama from a nonresident member of a qualified investment partnership, or from the qualified investment partnership itself, with respect to the nonresident member's distributive share of interest, dividends, distributions, or gains and losses from qualifying investment securities owned by the entity, as long as the nonresident member does not actively participate in the day-to-day management of the entity. Provided, however, that in the event a qualified investment partnership invests in the qualifying investment securities of an entity that is majority owned by a nonresident member of the qualified investment partnership, income tax shall be due by such nonresident member with respect to the member's distributive share of any interest, dividends, distributions, or gains and losses from the qualifying investment securities of the other entity. For purposes of this section and Section 40-18-24.2, "majority owned" means ownership of more than 50 percent of the issued and outstanding voting stock of the other entity, applying the attribution rules of 26 U.S.C. §318. (b) The terms "nonresident," "member," "qualified investment partnership," and "qualifying investment securities" shall have the same meanings ascribed to them in Section 40-18-24.2.  (c) The Department of Revenue shall promulgate reasonable rules to effectuate the intent of this section, including rules permitting certain corporate members of qualified investment partnerships to be eligible for the provisions of this section. Further, if the Commissioner of Revenue determines that this section is being used in an abusive fashion principally to avoid Alabama income tax liability, the commissioner shall have the authority to promulgate rules to distribute, apportion, or allocate gross income in order to clearly reflect the income of any such entity engaged in such tax avoidance. (Act 2009-144, p. 268, §10.)
AL Code § 40-18-24.5 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 18 - Income Taxes.|Article 1 - General Provisions.|Section 40-18-24.5 - Refundable Credit for Certain Owners, Members, Partners, or Shareholders of Electing Pass-Through Entities.

Section 40-18-24.5Refundable credit for certain owners, members, partners, or shareholders of electing pass-through entities. (a) Notwithstanding any other provision of Chapters 16 and 18 of this title to the contrary, for tax years beginning on or after January 1, 2021, any owner, member, partner, or shareholder of an electing pass-through entity shall report its pro rata or distributive share of the income of the entity in accordance with the provisions of Sections 40-16-4, 40-18-24, 40-18-26, 40-18-27, 40-18-28, 40-18-29, and 40-18-39, as applicable. (b) The owner, member, partner, or shareholder of an electing pass-through entity reporting income in accordance with subsection (a) shall be entitled to a refundable credit in an amount equal to its pro rata or distributive share of the Alabama income tax paid by the electing pass-through entity with respect to the corresponding tax year. (c) The Department of Revenue may waive any estimated tax penalties and interest assessments for the quarterly estimated tax payment due on April 15, 2021, which may otherwise be assessed for individual or pass-through entity taxpayers who are adversely impacted by the retroactive effective date of this section. (d) Any provision of Chapters 16 or 18 of this title regarding the liability of an owner, member, partner, or shareholder of electing pass-through entity for tax imposed by Chapters 16 or 18 of this title on their pro rata or distributive share of an electing pass-through entity’s income that is in conflict with Act 2021-423 is hereby superseded. (e) The Department of Revenue may adopt rules for the implementation and administration of Act 2021-423. (Act 2021-423, §1.)
AL Code § 40-18-25.2 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 18 - Income Taxes.|Article 1 - General Provisions.|Section 40-18-25.2 - Estates and Trusts - Deductions From Gross Income of Net Operating Loss.

Section 40-18-25.2Estates and trusts - Deductions from gross income of net operating loss. (a) Nothing in Act 2006-114 shall be construed to change or otherwise affect a taxpayer's liability relating to a tax year beginning prior to the effective date of Act 2006-114. (b) Should:   (1) any trust which is described in Section 40-18-25(b), or (2) any business trust, as such term is defined in Section 40-18-1(1),   which is classified as a disregarded entity for federal income tax purposes, be taxed separately from its owner or owners during tax years prior to the effective date of Act 2006-114, any net operating loss of such trust existing on December 31, 2004, shall be allowed as a deduction from the gross income, or net income, of the owner or owners of the trust in a tax year beginning after December 31, 2004. (c) The deduction allowed in subsection (b) to the owner or owners of the trust shall be in an amount not to exceed the greater of the following amounts: (1) the amount which is equal to the net income generated by the trust during the tax year; or (2) the amount which is equal to one tenth of the loss existing on December 31, 2004. (d) A trust's loss existing on December 31, 2004, shall be allowed to the owner or owners pursuant to subsection (b) during the time period which is the shorter of the 10 tax years beginning on or after January 1, 2005, or until such time as all such net operating loss has been deducted by the owner or owners of the trust. (e) The net operating loss provisions applicable to the owner or owners shall be applied to the loss which is deductible by the owner or owners, except that no loss shall be carried back to prior years to the extent that the loss arises because of the operation of this section. (f) Act 2006-114 shall not be relevant to or otherwise considered in determining a taxpayer's liability for tax years beginning prior to the effective date of Act 2006-114. (Act 2006-114, p. 173, §4; Act 2007-147, p. 180, §1.)
AL Code § 40-18-26 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 18 - Income Taxes.|Article 1 - General Provisions.|Section 40-18-26 - Information From Source of Income.

Section 40-18-26Information from source of income. Every resident individual, corporation, association, or agent shall make a report to the Department of Revenue of complete information covering the amount of all interest, rent, salaries, wages, premiums, annuities, compensations, remunerations, emoluments, or other fixed or determinable gains, profits and income, except interest coupons payable to bearer, of any taxpayer taxable under this chapter, of $1,500 or more in any taxable year under such regulations and in such form and manner and to such extent as may be prescribed by the Department of Revenue. (Acts 1935, No. 194, p. 256; Code 1940, T. 51, §393.)
AL Code § 40-18-28 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 18 - Income Taxes.|Article 1 - General Provisions.|Section 40-18-28 - Returns of Subchapter K Entities and Single Member Limited Liability Companies.

Section 40-18-28Returns of subchapter K entities and single member limited liability companies. Every subchapter K entity, and every single member limited liability company, shall make a return to the Department of Revenue for each taxable year, stating specifically the items of its gross income and the deductions allowed by this chapter, and shall include in the return the names and addresses of the partners or members and the amount of the distributive share of each partner or member. The return must be subscribed by the person who makes it and must contain a printed declaration that it is made under the penalties of perjury. A person who willfully makes and subscribes a return which he or she does not believe to be true and correct as to every material particular shall be guilty of perjury and upon conviction shall be punished as prescribed in Section 40-18-27. (Acts 1935, No. 194, p. 256; Code 1940, T. 51, §395; Acts 1961, Ex. Sess., No. 188, p. 2158; Acts 1997, No. 97-625, p. 1048, §3.)
AL Code § 40-18-29 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 18 - Income Taxes.|Article 1 - General Provisions.|Section 40-18-29 - Fiduciary Returns.

Section 40-18-29Fiduciary returns. (a) Every fiduciary, except receivers appointed by authority of law in possession of part only of the property of a taxpayer, shall make a return for the taxpayer for whom he acts, first, if the net income of such taxpayer is $1,500 or over, if single or if married and not living with husband or wife, or $3,000 or over, if married and living with husband or wife, or second, if the net income of such taxpayer, if an estate or trust, is $1,500 or over, or if any beneficiary is a taxpayer other than a resident of the state, which returns shall state specifically the items of the gross income and the deductions, exemptions and credits allowed by this chapter under such regulations as the Department of Revenue may prescribe, a return made by one or two or more joint fiduciaries and filed in the office of the Department of Revenue shall be a sufficient compliance with the above requirement. The fiduciary shall certify that he has sufficient knowledge of the affairs of such individual, estate or trust to enable him to make the return, and that the same is, to the best of his knowledge and belief, true and correct. Except as herein provided and as provided in Section 40-18-42, fiduciaries required to make returns under this chapter shall be subject to all provisions of this chapter which apply to taxpayers. (b) Returns made on the basis of a calendar year shall be filed on or before April 15 following the close of such calendar year. Returns made on the basis of a fiscal year shall be filed on or before the fifteenth day of the fourth month following the close of such fiscal year. The Commissioner of Revenue or such person as may be in charge of the Department of Revenue may grant any reasonable extension of time for filing returns. (Acts 1935, No. 194, p. 256; Code 1940, T. 51, §396; Acts 1953, No. 126, p. 174; Acts 1971, No. 1939, p. 3134.)
AL Code § 40-18-31 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 18 - Income Taxes.|Article 1 - General Provisions.|Section 40-18-31 - Corporate Income Tax - Generally.

Section 40-18-31Corporate income tax - Generally. (a) A corporation subject to the tax imposed by Section 40-18-2 shall pay a tax equal to six and one-half percent of the taxable income of the corporation, as defined in this chapter. (b) If the taxpayer elects to file an Alabama consolidated return under Section 40-18-39, the tax shall be assessed, collected, and paid annually for each taxable year at the rate specified in subsection (a), upon and with respect to the taxable income of the Alabama affiliated group. (Acts 1935, No. 194, p. 256; Code 1940, T. 51, §398; Acts 1963, 2nd Ex. Sess., No. 104, p. 284, §1; Act 98-502, p. 1083, §1; Act 99-664, 2nd Sp. Sess., p. 124, §1.)
AL Code § 40-18-31.1 (2021)
2021 Code of Alabama|Title 40 - Revenue and Taxation.|Chapter 18 - Income Taxes.|Article 1 - General Provisions.|Section 40-18-31.1 - Election for Foreign Corporations to Classify Dividend Income From Certain Subsidiaries as Business or Nonbusiness Income.

Section 40-18-31.1Election for foreign corporations to classify dividend income from certain subsidiaries as business or nonbusiness income. Repealed by Act 99-664, effective Dec. 31, 2000. (Acts 1995, No. 95-591, p. 1251, §1.)