All moneyed capital employed in the business the privilege of engaging in which is hereby taxed and the shares of all financial institutions, as in this chapter defined, shall be exempted from assessment and payment of ad valorem taxes, except the moneyed capital and shares of any business hereby taxed which fails to make and file the returns required by this chapter and to pay the tax levied by this chapter as and when in this chapter provided. The real estate owned by every such financial institution shall not be exempted. If any other tax other than the privilege tax levied by Article 2 of Chapter 14A, whether on property (other than ad valorem taxes on real estate), income, business or any element thereof, except license taxes not in excess of those heretofore legally levied and in effect, at any time after July 10, 1935, has been, or is at any time hereafter levied by this state or by any political subdivision of this state on any financial institution as in this chapter defined, the amount of such other tax due by such institution shall be credited on account of the tax payable pursuant to the provisions of this chapter.
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.