{"data":{"id":"us-al/ala.-code-40-14a-32","jurisdiction":"us-al","citation":"Ala. Code § 40-14A-32","heading":"Exemptions.","body":"The tax levied by this article shall not apply to:\n(1) Financial institutions, as defined in Section 40-16-1, that are subject to the provisions of Chapter 16 as to the excise taxes levied on financial institutions;\n(2) Insurance companies that are subject to the premium taxes levied by Chapter 4A of Title 27;\n(3) Corporations, limited liability entities, companies, or associations whose property is assessed for taxation pursuant to the provisions of Chapter 21 and are also obligated to serve the general public;\n(4) Real estate investment trusts as defined in Chapter 13 of Title 10; and\n(5) Any corporation organized as a not-for-profit corporation that does not engage in any business other than holding title to property and paying the expenses thereof, including, without limitation, a property owner’s association or a corporation organized solely to hold title to property on a temporary basis.","path":["Title 40 Revenue and Taxation.","Chapter 14A Alabama Business Privilege and Corporation Shares Tax of 1999.","Article 3 Shares Tax."],"source_url":"https://alison.legislature.state.al.us/code-of-alabama?section=40-14A-32","current_through":"Act 2026-611","vintage":"","retrieved_at":"2026-09-03T14:01:52Z","sha256":"c380f41bfb6cce5c48bd14b5612e2ce1f2985f0bfef552ca35c467cda9010a50","source_id":"us-al","stale":false,"prev":"us-al/ala.-code-40-14a-31","next":"us-al/ala.-code-40-14a-33"},"notice":"GroundRules: Original legal text. Not legal advice."}