Alabama § 40-16-5.1 - Payment of Estimated Financial Institution Excise Taxes.
Full text of Alabama Code of Alabama § 40-16-5.1 — Payment of Estimated Financial Institution Excise Taxes., with citation guidance and answers to common questions.
§ 40-16-5.1. Payment of Estimated Financial Institution Excise Taxes.
(a) Financial institutions shall pay estimated financial institution excise tax in accordance with 26 U.S.C. § 6655, except the provisions of 26 U.S.C. § 6655(g)(1)(A)(ii) through (iii) shall not apply. The balance of the tax owed, after reduction by the credits allowed by this chapter, and by prior payments including estimated payments as provided in this section, shall be due and paid at the same time as the due date of an original return.
(b) For the purposes of this section:
(1) Section 40-16-4 shall be substituted when 26 U.S.C. § 6655 refers to Chapter 1;
(2) Section 40-16-4 shall be substituted when 26 U.S.C. § 6655 refers to Section 11;
(3) The terms section 1201(a) and Subchapter L of Chapter 1 referred to in 26 U.S.C. § 6655(g)(1)(A)(i) shall be ignored for Alabama excise tax purposes;
(4) Section 40-16-8 shall be substituted when 26 U.S.C. § 6655(g)(1)(B) refers to Part IV of Subchapter A of Chapter 1;
(5) The term carrybacks referred to in 26 U.S.C. § 6655(g)(2)(B)(iii) shall be ignored for Alabama excise tax purposes;
(6) Commissioner shall be substituted when 26 U.S.C. § 6655 refers to Secretary.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 40-16-5.1
What does Code of Alabama § 40-16-5.1 cover?
Section 40-16-5.1 ("Payment of Estimated Financial Institution Excise Taxes.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 40-16-5.1?
A common citation format is "Code of Alabama § 40-16-5.1" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 40-16-5.1 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.