Alabama DOR Issues FAQ on Financial Institution Excise Tax

The Alabama Department of Revenue (DOR) Oct. 1 issued frequently asked questions (FAQ) on financial institution excise tax. The FAQ addresses various aspects of the financial institution excise tax, including: 1) the 10 percent federal limit on the federal taxable income without the benefit of deduction; 2) the reporting requirements as the result of an IRS audit; 3) reporting requirements to amend a previously filed return; 4) when electronic funds transfer (EFT) filing is required; and 5) a 6.5 percent financial institution excise tax rate. [Ala. Dep’t of Revenue, Financial Institution Excise Tax FAQ, 10/01/24]

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