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Can you summarize ALAC Section 810-9-1-2?
FINANCIAL INSTITUTION EXCISE TAX RULES > Financial Institution Excise Tax Returns
Short Summary
This document pertains to the filing of Financial Institution Excise Tax Returns in Alabama. It applies to all financial institutions as defined in Chapter 16, Title 40, Code of Ala. 1975. The document specifies that financial institutions must file a return with the Alabama Department of Revenue by the corresponding federal income tax or federal information return due date. The return must be made on the prescribed form and complete as per the instructions provided. Corporation returns must be signed by the cashier, treasurer, or other authorized officer or employee, while returns of other financial institutions must be signed by the owner, managing partner, or other authorized employee. The document also outlines the allocation and apportionment of income for calculating the tax imposed on financial institutions, as well as the credits, returns, and supporting documentation required for different entity types. It further mentions the penalties for non-compliance or violation of the document’s provisions, which are the civil penalties found in 40-2A-11, Code of Ala. 1975. Overall, this document provides guidelines and requirements for financial institutions regarding the filing of excise tax returns in Alabama.
Whom does it apply to?
Financial institutions as defined in Chapter 16, Title 40, Code of Ala. 1975
What does it govern?
Financial Institution Excise Tax Returns
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Civil penalties found in 40-2A-11, Code of Ala. 1975, are applicable and not exclusive.
Jurisdiction
Alabama