(a) Financial institutions shall pay estimated financial institution excise tax in accordance with 26 U.S.C. § 6655, except the provisions of 26 U.S.C. § 6655(g)(1)(A)(ii) through (iii) shall not apply. The balance of the tax owed, after reduction by the credits allowed by this chapter, and by prior payments including estimated payments as provided in this section, shall be due and paid at the same time as the due date of an original return.
(b) For the purposes of this section:
(1) Section 40-16-4 shall be substituted when 26 U.S.C. § 6655 refers to Chapter 1;
(2) Section 40-16-4 shall be substituted when 26 U.S.C. § 6655 refers to Section 11;
(3) The terms section 1201(a) and Subchapter L of Chapter 1 referred to in 26 U.S.C. § 6655(g)(1)(A)(i) shall be ignored for Alabama excise tax purposes;
(4) Section 40-16-8 shall be substituted when 26 U.S.C. § 6655(g)(1)(B) refers to Part IV of Subchapter A of Chapter 1;
(5) The term carrybacks referred to in 26 U.S.C. § 6655(g)(2)(B)(iii) shall be ignored for Alabama excise tax purposes;
(6) Commissioner shall be substituted when 26 U.S.C. § 6655 refers to Secretary.
Structure Code of Alabama
Title 40 - Revenue and Taxation.
Chapter 16 - Financial Institution Excise Tax.
Section 40-16-1 - Definitions.
Section 40-16-1.1 - Taxation of Trust as Financial Institution.
Section 40-16-1.3 - Net Income of Credit Unions.
Section 40-16-2 - Production Credit Associations Taxable Under Chapter.
Section 40-16-4 - Levy; Reporting of Tax; Promulgation of Rules.
Section 40-16-5 - When Tax Due; Extension of Time for Payment.
Section 40-16-5.1 - Payment of Estimated Financial Institution Excise Taxes.
Section 40-16-6 - Remittance and Disposition of Tax.
Section 40-16-8 - Exemptions and Credits.
Section 40-16-9 - Tax Credits Applied to State Portion of Tax Liability.
Section 40-16-10 - Computation of Net Income of Financial Institutions.
Section 40-16-11 - Transition Rules for Financial Institution Excise Tax Reform Act of 2019.