§ 40-21-26 — Local Taxes on Franchises and Intangibles

Alabama § 40-21-26

• Jurisdiction: Alabama
• Title 40: Revenue and Taxation
• Ch. 21: Public Utilities
• Art. 1: General Provisions

Text

Every individual, association, partnership, company, and corporation engaged in any business embraced or set out in the preceding sections shall, in addition to the ad valorem taxes on the tangible property which are now imposed upon them by law, annually pay to the state a tax for each year on their franchises or intangible property and assets and shall pay local taxes thereon to each county and municipal corporation, school district and other tax district in which their business is or shall hereafter be carried on. Said tax shall be at the same rate as the tax on tangible property, shall be and become due and delinquent at the same time as the taxes on tangible property, shall be payable and collected in the same manner and shall be assessed and levied in the manner herein provided. The place or places where such local taxes on such property are to be paid and the manner of the apportionment of the same in cases where more than one jurisdiction is entitled to a share of such tax shall be determined and the valuation of such property for taxation shall be ascertained in accordance with the provisions of this title.

Legislative History

(Acts 1935, No. 194, p. 256; Code 1940, T. 51, §167.)