Alabama § 40-16-6 Remittance and Disposition of Tax

Alabama Statutes

§ 40-16-6 — Remittance and Disposition of Tax

Alabama § 40-16-6

Title 40Revenue and Taxation

Ch. 16Financial Institution Excise Tax

This text of Alabama § 40-16-6 (Remittance and Disposition of Tax) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 40-16-6 (2026).

Text

(a)The remittance of the excise tax due under this chapter shall be made to the Department of Revenue at Montgomery, Alabama, with checks payable to the Department of Revenue.

(b)The Department of Revenue shall promptly distribute the balance of financial institution excise tax revenue, net of refunds, as of the close of each calendar quarter, with 50 percent of the revenue distributed to the general fund, 33.3 percent distributed to municipalities, and the remaining 16.7 percent distributed to counties.

(c)Beginning with the 2019 municipal financial institution excise tax distribution, each municipality shall receive a percentage share of the total municipal financial institution excise tax revenue equal to its average percentage share of the total municipal financial institution reven

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(a) The remittance of the excise tax due under this chapter shall be made to the Department of Revenue at Montgomery, Alabama, with checks payable to the Department of Revenue.
(b) The Department of Revenue shall promptly distribute the balance of financial institution excise tax revenue, net of refunds, as of the close of each calendar quarter, with 50 percent of the revenue distributed to the general fund, 33.3 percent distributed to municipalities, and the remaining 16.7 percent distributed to counties.
(c) Beginning with the 2019 municipal financial institution excise tax distribution, each municipality shall receive a percentage share of the total municipal financial institution excise tax revenue equal to its average percentage share of the total municipal financial institution revenue distribution over the five years ending in 2018.
(d) The first 20 percent of total county financial institution excise tax revenue shall be distributed equally among all counties. The remaining 80 percent of county financial institution excise tax revenue shall be distributed among the counties based on each county’s share of total Alabama population as determined in the most recent federal census prior to the distribution.
(e) No municipality or county within the state may levy or assess any excise tax for the privilege of engaging in a business in addition to that levied and distributed to it as herein provided, except license taxes. However, license taxes on banks shall not be levied in excess of those which may be legally levied pursuant to Section 11-51-130, provided however, that the license authorized by subdivisions (1) to (12), inclusive, of subsection (a) of Section 11-51-130 may be levied only by the municipality where the bank has its principal place of business.

Legislative History

(Acts 1935, No. 194, p. 256; Acts 1939, No. 396, p. 517; Code 1940, T. 51, §429; Acts 1943, No. 547, p. 536; Acts 1951, No. 839, p. 1470; Acts 1991, No. 91-478, p. 866, § 1; Act 99-665, 2nd Sp. Sess., p. 131, §6; Act 99-664, 2nd Sp. Sess., p. 124, §1; Act 2019-284, §2.)