Whatʼs New For 2008?
Electronic Filing Available. TheAlabama Department of Revenue began ac-
cepting the electronic filing of the Alabama Corporate Income Tax Returns, sched-
ules, forms and correspondence for tax years 2006 and forward. Visit our Web
site for additional information and links to software providers.
FORM BIT-V. Taxpayers with a business income tax payment of less than $750
must complete Form BIT-V, Alabama Business Income Tax Voucher, to submit sin-
gle business tax payments (including automatic extension payments) due on
your 2008 return. See the "Which Form To Use" section of these instructions for
additional information for Form BIT-V.
FORM 20-E. Form 20-E is no longer required and will not be accepted for the
2008 tax year and forward. An automatic extension of six months is granted to file
the Alabama Corporation Income Tax Return, Forms 20C and 20C-C.
FORM 2220AL. Alabama Form 2220AL has been developed to allow corpo-
rations with relief from the underpaid estimated income tax provisions (See Sec-
tion 40-18-80.1,Code of Alabama 1975). The new form allows the taxpayer
the ability to compute the required Alabama quarterly installments using the op-
tional federal annualization method and the optional federal adjusted seasonal
method. See the instructions for Form 2220AL, Underpayment of Estimated Tax,
for additional information.
Captive Real Estate Investment Trusts (Captive REITS). Captive REITS are
defined in Section 40-18-1, Code of Alabama, 1975. When filing anAlabama Form
20C return, Captive REITS are required to add to income the amount of the Divi-
dends Paid Deduction. See the instructions for Line 7, Schedule A; Alabama Act
Number 2008-543; and, Section 40-18-35, Code of Alabama, 1975.
Decoupling from the Federal Economic Stimulus Act of 2008.Act Number
2008-549, passed by the Alabama Legislature during the first 2008 Special Ses-
sion, decoupled Alabama income tax laws from the bonus depreciation and the
additional Section 179 expense provisions of the federal Economic Stimulus Act