Alabama Administrative Code
Title 810 - ALABAMA DEPARTMENT OF REVENUE
Chapter 810-9-1 - FINANCIAL INSTITUTION EXCISE TAX RULES
Section 810-9-1-.04 - Credits Against The Tax
Universal Citation: AL Admin Code R 810-9-1-.04
Current through Register Vol. 42, No. 11, August 30, 2024
(1) There may be taken as a direct credit against the tax the amounts of taxes (other than the Financial Institution Excise Tax and certain license taxes) levied on the institution by the State of Alabama or its political subdivisions.
(2) Any amounts claimed as direct credits against the Financial Institutions Excise Tax may not be taken as deductions.
(3) The taxes which may currently be claimed as credits rather than as deductions are:
(a) State, county and city sales and use
taxes paid on tangible personal property purchased and paid for by the
institution for its consumption;
(b) State utility taxes paid on telephone,
electrical power, gas or water;
(c)
Rental or leasing taxes paid directly to the state for the privilege of leasing
tangible personal property to others within the State of Alabama;
(d) Increases in the city or county license
taxes imposed upon financial institutions between July 10, 1943, and October 1,
1951.
(4) Credits will not be allowed on any taxes not levied on the financial institution. Examples of such taxes are:
(a) State, county or city
sales or use taxes on items purchased for resale such as checks, promotional
items or equipment;
(b) Gross
receipts taxes levied on the seller;
(c) Rental or leasing taxes paid to
others;
(d) Federal taxes of any
nature;
(e) Taxes paid to
contractors or others on equipment attached to real property or in the
construction of buildings, etc.;
(f) the tax imposed by this chapter.
Author:
Statutory Authority: Code of Ala. 1975, § 40-16-3(e).
History:
Disclaimer: These regulations may not be the most recent version. Alabama may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
