Ala. Admin. Code r. 810-9-1-.04

Current through Register Vol. 43, No. 1, October 31, 2024

Section 810-9-1-.04 - Credits Against The Tax

(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:

Ala. Admin. Code r. 810-9-1-.04