Code of Alabama — Title 40 (Revenue and Taxation)
Ala. Code § 40-7-18
Allocation of Tax Obligation Between Transferor and Foreign Corporate Transferee of Property Sold for Certain Purposes
# (a)
The public interest lying in the promotion of business and industry in this state, it is the intent of the Legislature and declared to be the policy of the State of Alabama by the passage of this section to promote and encourage industry and business in Alabama and specifically to induce the location within this state of the principal administrative office, principal distribution or manufacturing plant, or principal place of business of foreign corporations engaged in manufacturing, industrial, commercial, business, transportation, utility, public service, and research enterprise. This section shall be liberally construed in conformity with the said intention.
# (b)
When any real or personal property within this state is sold to, acquired by or transferred to any foreign corporation during any property tax year in connection with locating within this state its principal administrative office, its principal distribution or manufacturing plant, or its principal place of business or in connection with such foreign corporation becoming the successor or assignee of all or a substantial portion of the taxable property within this state of any foreign or domestic corporation theretofore qualified or admitted to engage in or transact business in this state, so much of the property tax upon such property as is properly allocable to that part of such year which ends on the day before the date of such sale, acquisition, or transfer shall be the tax obligation of the person, firm, or corporation selling, disposing, or transferring such property, and so much of such tax as is properly allocable to that part of the year which begins on the date of the sale, acquisition, or transfer shall be the tax obligation of such foreign corporation; provided, that nothing contained in this section shall relieve the property of any tax lien that may have attached to such property prior to such date for all periods of time prior thereto.
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In this chapter (40 sections)
- 40-7-1 · Authority of Tax Assessor; Duties of Taxpayer
- 40-7-2 · Commencement and Completion of Assessment; Supplemental…
- 40-7-2.1 · Timing of Property Assessments, Etc., Homestead Exemption.…
- 40-7-2.2 · Limitation on Assessed Value of Certain Real Property for Ad…
- 40-7-3 · Duty of Assessor to Visit Voting Places for Purpose of…
- 40-7-4 · Taxpayer to Attend Appointment and Return List of Property;…
- 40-7-5 · Oath to Be Administered Before Return Made
- 40-7-6 · Assessor to Interrogate as to Items and Details of Property;…
- 40-7-7 · When Taxpayer May Mail List or Send by Another Person
- 40-7-8 · Oath to Be Used on Bottom of Assessment Sheet
- 40-7-9 · Assessor Authorized to Correct Error in Computing Taxes Due
- 40-7-9.1 · Correction of Error Made in Assessment, Computation, Etc.;…
- 40-7-10 · Allowance of Statutory Exemptions; Property No Longer Exempt
- 40-7-11 · Failure to Report Improvements
- 40-7-12 · Fraudulent Failure to Report Change in Condition of Property,…
- 40-7-13 · Assessment of Property in Possession of Commission Merchants…
- 40-7-14 · Taxpayer to Give Estimated Values; Preceding Year’s Valuation…
- 40-7-15 · Property to Be Appraised at Fair Market Value
- 40-7-16 · How Real Estate May Be Described
- 40-7-17 · By Whom Property Should Be Listed
- 40-7-18 · Allocation of Tax Obligation Between Transferor and Foreign…
- 40-7-19 · Demand Against Persons Failing to Make Returns
- 40-7-20 · Separate Returns to Be Filed in Individual and Fiduciary…
- 40-7-21 · Failure to Fill Out Schedules or Lists or Give Information or…
- 40-7-22 · Procedure by Assessor Upon Failure to Procure List
- 40-7-23 · Assessment of Escaped Taxes; Avoidance of Penalty; Notice and…
- 40-7-24 · Failure to Make Return of Gross or Net Receipts or…
- 40-7-25 · Estimation of Fair Market Value; Assessment List; Notice;…
- 40-7-25.1 · Current Use Value of Class III Property - Definition;…
- 40-7-25.2 · Current Use Value of Class III Property - Qualification…
- 40-7-25.3 · Current Use Value of Class III Property - Conversion of…
- 40-7-25.4 · Current Use Value of Class III Property — Abatement of Tax…
- 40-7-26 · Department of Revenue May Act in Advisory Capacity; Effect of…
- 40-7-27 · Assessor to Certify Correctness of Returns, Notify Department…
- 40-7-28 · Correction of Improvement Assessment When Improvements…
- 40-7-29 · By Whom and When Penalties Remitted
- 40-7-30 · Assessor Notified of Appointment of Fiduciaries
- 40-7-31 · Assessment to “Owners Unknown.”
- 40-7-32 · Fees of Assessor for Returns on Escaped Property
- 40-7-33 · Book of Assessments - Required; Form; Use of Assessment Lists…