The tax levied by this article shall not apply to: (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; (2) Insurance companies that are subject to the premium taxes levied by Chapter 4A of Title 27; (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; (4) Real estate investment trusts as defined in Chapter 13 of Title 10; and (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.
‹ Prev All Alabama sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.