Ala. Admin. Code r. 810-3-19-.03

Current through Register Vol. 42, No. 7, April 30, 2024

Section 810-3-19-.03 - Income Realized From A Financial Business

(1) Income realized in conducting a business subject to the excise tax on financial institutions imposed by § 40-16-1, etseq., 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.

Authors: Rebecca S. Whisenant and John H. Burgess.

Ala. Admin. Code r. 810-3-19-.03

Adopted September 30, 1982. Amended June 17, 1988; filed July 27, 1988; May 15, 1992.

Statutory Authority:Code of Ala. 1975, § 40-18-19.