Deductions From Federal Taxable for Amounts Included in Income Under 26 u.s.c. § 118(b)(2).

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  3. Revenue and Taxation.
  4. Income Taxes.
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  6. Deductions From Federal Taxable for Amounts Included in Income Under 26 u.s.c. § 118(b)(2).

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Section 40-18-35.3

Deductions from federal taxable for amounts included in income under 26 U.S.C. § 118(b)(2).

The amount of any contribution by the State of Alabama or any political subdivision thereof computed in accordance with 26 U.S.C. § 118(b)(2), to the extent that the amount is included in the corporation's federal taxable income pursuant to 26 U.S.C. § 118(b)(2) shall be deducted from federal taxable income for purposes of computing taxable income under this chapter.

(Act 2021-1, §8.)


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