- (1) Income realized in conducting a business subject to the excise tax on financial institutions imposed by §40-16-1, et seq., and where such excise tax is paid, is excluded from gross income under the provisions of Chapter 18 of Title 40.
- (2) Salaries paid by businesses subject to the financial institution excise tax, allowed as deductions to such businesses under §40-16-1(2)(a) are included in gross income of the recipient for income tax purposes under Chapter 18.
Author: Rebecca S. Whisenant, John H. Burgess
Statutory Authority: Code of Ala. 1975, §40-18-19.
History: Adopted September 30, 1982. Amended: June 17, 1988; Filed July 27, 1988; May 15, 1992.