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Are credit unions subject to the Business Privilege Tax and or the Corporate Shares Tax levied in Chapter 14A, Code of Alabama 1975?

April 26, 2017Business Chapter corporate credit levied privilege Shares Subject tax unions

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Are credit unions subject to the Business Privilege Tax and or the Corporate Shares Tax levied in Chapter 14A, Code of Alabama 1975?

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No. Section 40-14A-43, Code of Alabama 1975, states “The taxes levied by this chapter shall not apply to any organization described in 26 U.S.C. §501(a)…” Section 501(a) of the Internal Revenue Code further refers to 26 U.S.C. §501(c), which identifies exempt organizations. Section 501(c)(14) (A) addresses credit unions without capital stock organized and operated for mutual purposes and without profit.