Form 1120-L Birmingham Alabama 2024-2025

Form 1120-L Birmingham Alabama: What You Should Know

Alabama Accountability Act, Title 2B.  Section 17-26-2E.  A. No insurer shall report dividends, interest, gain or loss from the sale of life insurance and investment contracts to either of the State of Alabama Tax Collector, or other authorized tax collector, in amounts greater than such payments, except for dividends and interest in amounts required to be reported under the Alabama Accountability Act.  B. No insurer may report dividends, interest, gain or loss from the sale of life insurance and investment contracts to Alabama Life Insurance Commission or any other State of Alabama entity required to issue, collect and disburse life insurance or invest funds in life insurance. D.  No taxpayer shall pay to any insurer, or other agency or officer, or employee thereof, any compensation payable to any officer, officer or employee pursuant to any provision of the Alabama Accountability Act to procure the payment of dividends, interest or gain to anyone, other than a governmental agency which issues, collects or disburses life insurance. F.  No insurer shall pay any amounts to any agent, consultant, attorney, auditor, legal counsel, or other person for any purpose prohibited under this section, except as provided under state law and subject to the approval of the Tax Collector. G.  The provisions of the Alabama Accountability Act shall apply to all life insurance corporations, including all partnerships, whether a subsidiary thereof is located in Alabama. H.  The Department of Revenue shall prepare a statement of the following information in the case of life insurance companies: (1) the total income, profit, or loss of all life insurance corporations, (2) the aggregate payments received by any life insurance corporation and the aggregate payments received by any other life insurance corporation for each fiscal year, and (3) the aggregate net investment income, net investment gains, or losses of all life insurance corporations and such other information as may be required by the Department. I.  The Department of Revenue shall distribute this information to the Tax Collector. J.

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