Looking for a Alabama Form Psa Templates? Download it for free!

factor. No supporting documentation is necessary for those entities. All other

housing, and the location of the amount on the taxpayer’s balance sheet.

entities attach appropriate apportionment schedule.

(Section 40-14A-24(b)(7))

The apportionment factor is computed in the same manner as prescribed

Line 18

for apportioning income during the determination period for income tax

For S corporations and LLE’s only, enter 30% of taxable income. Taxable

purposes in accordance with Chapter 18 of Title 40, or in the case of financial

income is defined as “federal taxable income before NOL’s and special

institutions according to Chapter 16 of Title 40. Apportionment for insurance

deductions” apportioned to Alabama. Taxable income is to include income

companies is on the basis of the ratio of the insurer’s Alabama premium

passed through to the shareholders and members. (Section 40-14A-24(b)(8)

income to its nationwide total direct premiums as filed on Schedule T with the

and Section 40-14A-24(b)(9))

Insurance Commissioner, State of Alabama. Taxpayers not required to file

Line 20

income tax returns with the State of Alabama must apportion net worth in the

Taxable net worth is derived by subtracting Line 19 from Line 10.

manner in which the income would be apportioned if the taxpayer were

Line 21

subject to income tax. Therefore, these taxpayers must obtain an

Determine the tax rate from the Tax Rate Schedule, Chart 1, which is

apportionment Schedule from the Alabama income tax return at the

located at the top of page 3. Use the federal taxable income before net

Department’s Web site at C Corporations should use

operating loss deduction and special deductions multiplied by the

Form 20C, Schedule D1, S Corporations should use Form 20S, Schedule C,

apportionment factor from Schedule B, Line 9. Taxable income is to include

and Partnerships should use Form 65, Schedule C. (Section 40-14A-24(a))

income passed through to shareholders, partners, or members. For initial

DEDUCTIONS (For each deduction attach supporting documentation)

returns only, the tax rate will be .00025.

Nothing in this section shall be construed to allow any item to be deducted

Line 22

more than once or to allow a deduction for any item that is excluded from net

Gross Privilege Tax is calculated by multiplying Line 20 by Line 21.

worth. (Section 40-14A-24(c))

Line 23

Items can only be deducted to the extent they were included in net worth

For short period returns, the proration percentage will be apportioned to

in Schedule A.

the short taxable year in the same proportion as the number of days in the

Line 11

short taxable year bears to 365.

Enter net amount invested in bonds or other securities issued by State of

For all other returns, enter 100%.

Alabama or any political subdivision of the state prior to January 1, 2000.

Line 24

Must include a schedule detailing the amount invested, the issuing agency,

Net Privilege Tax Due is calculated by multiplying Line 22 by Line 23.

the bond issue date, and the location of the investments on the taxpayer’s

Line 25

balance sheet as supporting documentation.

Enter Alabama Enterprise Zone Credit. Attach supporting documentation

This deduction does not apply if the taxpayer is a dealer in securities

from the Alabama Department of Economic & Community Affairs (ADECA).

subject to rules of 26 U.S.C. 1236. (Section 40-14A-24(b)(1))

(Section 40-14A-42)

Line 12

Line 26

Deduct the net investment for equipment used to control, reduce or

Privilege Tax Due is calculated by subtracting Line 25 from Line 24. The

eliminate air, ground, or water pollution in Alabama where such pollution or

minimum due is $100. For the maximum amounts due, see Chart 2 of the Tax

radiology hazards result or would be caused by the taxpayer’s activities in

Rate Schedule, which is located at the top of page 3.

Alabama. (Section 40-14A-24(b)(2))

IX. Amended Returns

Line 13

In most cases, taxpayers have 3 years from the date a tax return is due

Deduct the net investment in equipment of an airline hub operation within

or filed, whichever is later, to file an amended return.

this state. (Section 40-14A-24(b)(3))

To file an amended return:

Line 14

(1) Complete Form PSA for the year you are trying to amend.

Enter book value invested after December 1, 1997 in regard to new and

(2) Check the “Amended Return” box on the front of Form PSA.

existing manufacturing facilities and investments made in equipment, real &

(3) Attach a detailed explanation and supporting documentation relating to

tangible property, facilities, structures, components and inventory which

any changes made to the original filing.

correlates to number of new employees. (Section 40-14A-24(b)(4))

(4) Mail the amended return to:

Line 15

Alabama Department of Revenue

Enter book value of investment relating to aluminum manufacturing

Business Privilege Tax Section

facility. (Section 40-14A-24(b)(5))

P.O. Box 327431

Line 16

Montgomery, AL 36132-7431

Enter the balance of any reserve, account, or trust reasonably determined

to satisfy any liability that is imposed by federal, state, or local government

laws or regulations for reclamation, storage, disposal, decontamination,

retirement, or other related costs associated with a plant, facility, mine or site

in Alabama.

Provide documentation detailing the applicable governmental law or

regulations that imposed the liability, as well as the location of the plant,

facility, mine or site in Alabama. (Section 40-14A-24(b)(6))

Line 17

Enter book value of any residential real estate project in Alabama that

qualifies for federal or state income tax credits, loans, or grants on the

grounds that it provides housing for low-income individuals. Must include a

statement detailing a description of the project, the site of the low income

Page 6

Form Psa Instructions - Business Privilege Tax Return And Annual Report - Instructions For The Preparation Of The Alabama - 2003 Page 4

Related Articles

Related forms

Related Categories