Alabama Code 45-49-90.14. Exemption from taxation
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Terms Used In Alabama Code 45-49-90.14
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
The corporation, all properties at any time owned by it and income therefrom of the corporation, all bonds issued by the corporation and the income therefrom, conveyances by or to the corporation, and leases and mortgages by or to the corporation shall be exempt from all taxation of the county or any municipality located therein. No county or municipal license or excise tax may be imposed on any corporation in respect of the privilege of engaging in any of the activities authorized by this part.