Section 40-18-34 Additions required by corporations. - Alabama Statutes

Section 40-18-34

Additions required by corporations.

The following items shall be added to federal taxable income for purposes of computing taxable income under this chapter:

(a) State and local income taxes that are deductible in computing federal taxable income.

(b) Interest on obligations of state or local governments other than Alabama that is excludable from gross income for federal income tax purposes.

(c) Refunds of federal income taxes deducted.

(d) Dividends received from a corporation in which the taxpayer owns less than 20% of the stock (by vote and value), but only to the extent such dividends are properly deducted in computing taxable income for federal income tax purposes.

(Acts 1935, No. 194, p. 256; Code 1940, T. 51, §401; Acts 1975, No. 1195, p. 2348, §1; Acts 1985, No. 85-515, §15; Act 98-502, p. 1083, §1; Act 99-664, 2nd Sp. Sess., p. 124, §1; Act 2000-702, p. 1425, §1.)