State, county and city sales and use taxes paid on tangible personal property purchased and paid for by the institution for its consumption;
State utility taxes paid on telephone, electrical power, gas or water;
Rental or leasing taxes paid directly to the State for the privilege of leasing tangible personal property to others within the State of Alabama;
Increases in the city or county license taxes imposed upon financial institutions between July 10, 1943 and October 1, 1951.
Credits will not be allowed on any taxes not levied on the financial institution.
Examples of these taxes:
State, county or city sales or use taxes on items purchased for resale such as checks, promotional items or equipment;
Gross receipts taxes levied on the seller;
Rental or leasing taxes paid to others;
Federal taxes of any nature;
Taxes paid to contractors or others on equipment attached to real property or in the construction of buildings, etc.;
the tax imposed by this chapter.
The Alabama Department of Revenue now requires the use of Schedule EC, when claiming business tax credits.
Taxes not taken as a credit may be allowed as a deduction.